RAVE hit a low of 0.71 yesterday, and today it bounced back to around 1.03. Looks like it might be staging a comeback, right? Hold your horses.
The volume is still there, which means some players are picking up at this level, but the bigger story is this — the whales withdrew 20 million RAVE from the exchange yesterday, worth over a million USDT. What do you think they’re doing with that? Protecting their position? Or moving to another venue to dump more? I won’t speculate, but you should keep that in mind.
#REZ Plus, Binance is adjusting the minimum tick size for RAVE contracts this afternoon, and such adjustments usually come with wild price swings. It previously plummeted from $27 all the way down to 0.68, and now that it’s bouncing a bit, don’t assume it’s found the bottom. Liquidity is thin, and there are plenty of bag holders above; one small spike could take you out.
My take is simple: this coin is for watching, not touching. If you’re thinking about bottom-fishing, ask yourself if you can handle a potential haircut. Meanwhile, I’ll just grab a little stool and watch the show. $RAVE
$ORCA