Why LAB crypto’s 34% crash has traders watching THIS support
LAB crypto experienced a sharp 34% crash to $9.00, driven by the unwinding of excessive leverage and concerns over upcoming token unlocks and concentrated ownership. Despite a 121% surge in daily trading volume to $58.71 million, market activity was dominated by position closures, with Open Interest falling 23% to $130.39 million, indicating a broad reduction in speculative exposure without significant new buying. The price is now testing a crucial support level at $7.65, with the MACD indicating strong bearish momentum. A breakdown below this support could target the next major level near $4.00. Persistent negative funding rates confirm that short sellers remain in control of the derivatives market, sustaining the bearish pressure. The token's near-term outlook hinges on whether buyers can successfully defend the $7.65 support zone.
ambcrypto07/02 03:02
