It's not a great idea to trade 15 minute charts, but CCIV has been seeing tremendous volumes and interest. There's also a lack of price history, so this is an attempt to make sense of what we're seeing.
A reasonable explanation for CCIV's recent rip (which has tons of volume) is that insider news of a Definitive Agreement with Lucid is spreading. This also aligns with a typical SPAC timeline as the first leaks of the Lucid and CCIV deal came out 3 weeks ago.