RAVE Explodes 7,400% to $20 Then Pulls Back — Is a Double Peak Trap About to Trigger?

RaveDAO (RAVE) experienced an explosive rally, increasing 7,400% from $0.27 to an all-time high of $20.00 in six days, including a 98% surge on April 14. However, on April 15, RAVE saw its first red daily candle, pulling back to $14.75 as exhaustion signals emerged across all timeframes. Technical analysis on the daily chart shows a parabolic green streak with declining volume and RSI nearing overbought territory, indicating a potential bearish divergence. The hourly chart reveals an ascending trendline tested at $12.47, a key support level, alongside four bearish RSI divergences and declining volume. Open Interest data also shows a decline since April 13, suggesting traders are closing positions. Two scenarios are presented: a bullish case where RAVE holds support at $12.47 and retests highs, or a bearish case projecting a double peak pattern with a potential drop to $7.81, followed by a relief rally and then a further breakdown. The outcome hinges on whether RAVE can hold the $12.47 support or breaks decisively above $20.00.

(Source：BeInCrypto)