LAB’s 23% price crash meets bearish bets – Can bulls defend $13?
LAB's price plummeted over 23% in 24 hours, trading near $13.53 as bearish sentiment dominated. Despite the sharp decline, on-chain data shows ongoing token accumulation, with negative spot exchange netflows indicating holders are moving LAB to private wallets rather than selling. However, this has not offset broader selling pressure.
Technically, LAB is testing the lower support of its ascending channel near $13. A break below could target the $12 demand zone. Indicators like the MACD and Parabolic SAR remain bearish. In derivatives markets, a negative funding rate shows sustained short interest, though this creates potential for a short squeeze if buyers return.
In summary, LAB faces heavy selling pressure with key channel support at risk. A successful defense of $13 could stabilize the price, while a breakdown would likely target $12 next.
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