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- Price Analysis: LAB token gains momentum as buyers tighten their grip:
LAB token is trading above $18.00, recording an increase of over 24% during the day. The token shows a strong positive outlook, supported by rising moving averages and momentum indicators.
The Moving Average Convergence Divergence (MACD) turned positive on the four-hour chart, indicating that buyers have the upper hand and can keep the uptrend intact.
A daily close above $18.00 will strengthen the uptrend for LAB token in the near term, and increase the likelihood of continued rally beyond the next target at $20.00. The cup and handle pattern on the same chart indicates that LAB token is poised for a significant 64% rise towards new all-time highs near $30.00. LAB token is currently trading above the breakout point at $18.00.
LAB/USDT 4-hour chart
Given the low participation of the retail sector, further price increases may be limited, possibly leading to a trend reversal. Profit-taking and buyer exhaustion are among the factors that could increase downside risks.
The $16.00 level represents the first psychological support zone, where hesitant buyers may enter. However, if resistance strengthens, traders may turn to the 50-period Exponential Moving Average (EMA) at $14.53, the 100-period EMA at $13.02, and the 200-period EMA at $10.82, seeking support and buying opportunities on dips.
LAB is a unified layer for on-chain trading, combining analysis, execution, perpetual contracts, and rewards.
$LAB
LAB price rose slightly above $18.00 at the time of writing this report on Wednesday, defying the broader headwinds in the cryptocurrency market that constrained Bitcoin (BTC) price in the $62,000-$63,000 range and Ethereum (ETH) price between $1,600 and $1,700.
- LAB stock continues its rise despite declining retail sector demand:
Retail investor participation in LAB's derivatives market remains weak, evident from the average open interest volume of perpetual futures contracts reaching $249 million on Wednesday, a slight decrease from $251 million previously. CoinGlass data indicates that current open interest levels are significantly lower than the recent spike to $381 million on June 19, and below the all-time high of $824 million on June 2.
This fluctuation in participation indicates continued investor skepticism regarding the rise of LAB shares, leading to limited willingness to open new long positions.
LAB futures open interest data | Source: CoinGlass
The funding rate weighted by open positions for the LAB index, which is currently in negative territory, aligns with the decline in retail investor participation. The persistent negative reading indicates that short sellers are willing to pay additional fees to keep their short positions open, anticipating a significant trend reversal despite the rise above $18.00.
$LAB