At press time, the price of RaveDAO (RAVE) was up nearly 20% on the day, indicating increased investor interest.
Several factors have quietly fueled the asset’s strong performance over the past day, including the number of bondholders reaching 60,560 over the past 24 hours, indicating increasing buying among retail investors.
Community sentiment adds to the picture, with the majority of investors voting bullish and noting that RAVE is likely to perform well in the near term. Notably, 86% of the 23,700 traders who voted expected the asset to remain bullish.
While these factors reflect sentiment, capital flows across the market show that RAVE still has a strong chance of delivering a decent performance in the near term.
Rave volume and price are climbing together
The clearest indication of this Delirium It can maintain its strong performance in the near term and lies in the relationship between volume and price over the past day.
RAVE’s trading volume rose 168% to $28.27 million during the period, while the price rose 20%. Historically, rising volume alongside price indicates that momentum is pushing the asset higher and is likely to continue on that path until volume or price reverses.
On a more gradual level, volume has remained positive so far, especially across RAVE perpetual futures. At the time of writing, RAVE’s long/short ratio across major central trading venues is in positive territory, with the ratio on Binance and OKX standing at 4.07 and 3.87 respectively.
The higher the buy/sell ratio rises above 1, the buying volume dominates, and the further it rises above 1, the stronger the rally becomes.
This is important because the two venues roughly control RAVE’s total standing market volume, at $56.67 million and $45.35 million, respectively, over the past day. This means that if these combinations remain bullish, they will eventually shape RAVE’s market outlook.
RAVE spot netflows support the continuity issue
The spot market is indicating a possible continuation of the rally given the amount of RAVE purchased over the past day combined with the net price influx.
Over the past 24 hours, RAVE’s total purchases reached $861,280, according to CoinGlass data. While that number is notable, sellers have stepped up and offloaded approximately $777,360 worth of assets on the open market.
The net flow between inflows and outflows shows more buying than selling, implying that buyers are the most dominant group at present, with the gap around $84k.
A continued rise in buying activity like this would push up prices overall, according to the data provided. Right now, RAVE has a stronger chance of maintaining its current rally in the short term.
Overall expectations also suggest that investors will add further pressure across permanent and spot markets, fueling price performance.
Final summary
- RAVE has gained nearly 20% in the past day, and the number of people holding the token has risen to 60,560.
- Buyers are outpacing sellers in the market, and most traders surveyed believe the price will continue to rise.
