According to reports from AMBCrypto, RaveDAO [RAVE] completed a breakout from a prolonged consolidation range after bouncing to a six-week high of $0.369. At press time, RAVE was trading around $0.363, marking a 16.25% increase on the daily charts. The altcoin demonstrated strong technical momentum by flipping both the 20 and 50-day Exponential Moving Averages (EMAs), indicating robust upside pressure in the market.
As reported by AMBCrypto, the rally was primarily driven by speculative demand with derivatives volume rising by over 211% to $83 million and Open Interest (OI) surging 21% to $32 million as of writing. The Long/Short Ratio jumped above four on Binance, indicating that traders are opening mostly long positions and anticipating continued uptrend. This speculative activity reflects increased market participation and steady capital inflow, with funds flowing into new position openings.
According to AMBCrypto, the altcoin's trading volume climbed 147% to $13.7 million, reflecting strong market activity and capital circulation. On the spot market, buyers returned with strength as RaveDAO jumped to $0.36 on August 8th. The Buy vs Sell Volume rose to 3.4 million while buy volume reached 2.3 million, with the delta rising to 200k. This trend continued on August 9th, with buy volume rising to 773k while sell volume dropped to 714k, leaving a positive delta of 58k.
As reported by AMBCrypto, the altcoin's Relative Strength Index (RSI) has held on an upward trajectory, hiking to 64 at press time, validating the observation of rising demand with buyers retaking the market. The technical setup suggests potential for continued gains, with RAVE positioned to breach the $0.40 resistance level if demand holds. However, if speculation fades, the altcoin may drop again towards $0.28, representing a significant downside risk from current levels.
