RAVE remains under pressure after falling another 10% in the past 24 hours, extending the weakness that began after last week’s selloff.
The pace of decline has slowed, but the broader message has not changed. Sellers are still in control, and the latest development suggests that the downward pressure has not yet reached its end.
The difference is no longer direction, but intensity. Last week’s decline was aggressive and impulsive. This one is slower, but still decisive.
This generally indicates continued weakness rather than panic selling. In other words, the market is no longer crashing, but it is still falling.
Buyers are always in a hurry
One of the clearest signs of continued weakness is the increase in long sell-offs. Over the past 24 hours, around 729,000 long positions were wiped out, showing that bullish traders are still being forced out of the market.
This is important because long sell-offs often accelerate downward moves. As leveraged buyers are allowed, their forced exits add additional selling pressure to an already weak market.
In RAVE’s case, this suggests that the latest drop is not just due to spot-driven weakness, but a broader pullback in positioning. The market is not just going down. He actively corrects the failed bullish exposure.
Fall in open interest rates reflects weakening conviction
Open Interest also fell 13% during the same period, reinforcing the idea that traders are withdrawing rather than stepping in.
A decline in open interest during a price decline generally indicates weakening participation and loss of confidence, not further bearish aggression.
This distinction is important. This suggests that the market is losing support faster than it is attracting new buyers.
For now, this leaves RAVE in a fragile position. The bulls are chased, participation declines and prices continue to fall.
Bearish pressure remains dominant
RAVE’s structure remains bearish in the short term. The latest decline may be less violent than last week’s sell-off, but the underlying pressure remains intact.
Until liquidations begin to subside and open interest rates stabilize, the current downtrend may likely continue. For now, the market appears even more vulnerable to a continued downtrend.
Final summary
- RAVE remains under downward pressure as liquidations continue, forcing leveraged buyers out of the market.
- Declining open interest and fading momentum suggest that the current downtrend may not be over yet.
