RAVE Token faces another 50% crash amid claims of price manipulation.
RavenDAO's RAVE token lost more than 98% of its value over the weekend, and the hourly chart now warns of another big drop in the coming days.
Main Receptors:
RAVE chart indicates a fall of 50% – plus
On the hourly chart, RAVE continues to trade in a descending channel, with lower highs and lower lows forming between two downward sloping trend lines.
Since Monday, the site's price has been retreating after testing the upper boundary of the channel, a sign that sellers are active in rallies. If that decline holds, RAVE may slide toward the channel's lower trend line in the near term.
The Fibonacci extension from the recent bounce from the lower boundary to the recent rebound from the upper boundary points to the extension of 1.618 as the next bearish objective.
That level comes in at around $0.30, indicating a 55%-58% drop from current prices in April or May.
Notably, the same setup kept Sunday's horn right at $0.49, reinforcing the relevance of the channel.
Meanwhile, the 20-hour exponential moving average at $0.96 and the 1.0 Fib line at $0.94 continue to meet bearish tests. Unless the bulls find these levels decisively, the broad bias is tilted to the downside.
Claims of market manipulation add to RAVE risks
RAVE's technical weakness is appearing alongside growing allegations of market manipulation, with market watchers comparing it to 2022's LUNA and WAVES pump and dumps.
Onchain analyst ZackXBT described the token's explosive rally and subsequent fall as a suspected “obvious” pump-and-dump on major exchanges like Binance, Bitget, and Gate.io.
An estimated 23 million RAVE tokens (roughly $23 million) were transferred from a multi-sig wallet linked to the group to Bitgate deposit addresses shortly before the 40% flash crash, and has since offered a $25,000 bounty to hackers.
RaveDAO has denied any involvement.
Related: FOMO, loose rules are fueling a crypto crime supercycle.
Still, ZachXBT doubled down on its claims, saying more than 90% of the token's supply could be controlled by insiders, raising concerns about liquidity concentration and price controls.
A few days ago, RaveDAO announced plans to sell unlocked tokens to support operations, marketing and recruitment.
“Building activity requires resources,” he said, adding that the group is considering price- or performance-based lock-in mechanisms to better adjust incentives.
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