LAB fell 21.6% in 24 hours to $12.09, while volume also contracted to $50 million.
This decline occurred after LAB failed to hold above the price level around a key resistance, indicating that buying pressure has weakened and market sentiment remains cautious.
- LAB fell sharply but remained above some short-term support levels.
- On Binance , the majority of top traders are leaning towards Short positions.
- Funding rates remain positive, but not enough to reverse the cautious sentiment.
LAB lost momentum after being rejected at the resistance zone.
LAB is Token under selling pressure after failing to break above the $17.78 resistance level. The price has retreated to around $12.44, although it remains above the major support zone at $9.15.
The RSI is at 54.53 and the RSI Medium is 56.28, indicating that momentum remains in the neutral zone. This reflects the fact that buyers have not yet clearly regained the upper hand, but sellers have not yet fully taken control of the trend.
Derivative data on Binance strongly favors a Short position.
Derivative data shows that top traders on Binance are betting more on a decline in LAB. Longing accounts account for only 28.69%, while Short accounts make up 71.31%.
The Longing/ Short ratio has fallen to 0.40, indicating a defensive trend and a clear bias towards a scenario where prices continue to weaken. This structure often appears when the market is not yet convinced that a sustainable Dip has formed.
Funding rates remain positive, but this hasn't changed market sentiment.
LAB's open interest-weighted funding rate remains positive at 0.0127%, meaning Longing positions are still paying fees to maintain their orders. However, this signal is not strong enough to outweigh the prevailing Short trend on Binance.
The gap between a positive funding rate and a Short -leaning position structure suggests a divergent market. While some still expect a recovery, bullish sentiment has significantly declined from previous higher levels.
The next price level to watch for LAB.
LAB will need to reclaim the $17.78 level if it wants to attempt a breakout again. Conversely, if selling pressure continues, the $9.15 level is the next key support point the market will be watching.
In the short term, LAB's performance will likely depend on whether buyers have enough strength to defend the support levels. Otherwise, the current defensive sentiment may persist.
Summary
LAB is under downward pressure, while Derivative data and funding rates suggest the market remains divided on its next steps.
