LAB has risen to $15.48 in the last 24 hours, an increase of nearly 28 per cent, which is significantly better than bitcoin over the same period. The coin had previously fallen to the vicinity of US$ 12, but the purchase had secured the area of the previous breakout, resulting in a rapid recovery in prices.
12 dollar support is temporarily valid.
The starting point of this round of rebound is the re-confirmation of the support position around $12. After the price rebound, LAB re-engaged to the retreat zone, which affected the movement several times during the previous test month. The current market is concerned that this decline is a short-term correction or the beginning of a longer cycle of weakness.
The kinetic energy indicator has also been repaired. The relatively strong and weak indicator RSI returned to 61.5 with a marked cooling down from the pre-existing over-purchase situation in the vicinity of $18.80, indicating that buyer power was being restored, but had not yet returned to a very strong stage.
16.21 United States dollars for short-line observation
Although the price rebound was clear, the turnover was significantly lower than it had been at the time of the previous run-off of $21.37. This means that the current level of participation is still limited, and market sentiment has been repaired, but financial follow-up has not been strong enough.
Next, $16.21 is considered to be a short-line important position. If prices can re-establish this level and be accompanied by stronger trade-offs, back-up energy may continue to increase, market or retest US$ 18.80. If the position is also breached, there is an opportunity to move closer to the previous high of 21.37 dollars.
On the contrary, LAB may fall back to the US$ 13.27 area if resistance above continues to suppress the movement. If the pressure continues, the critical support position around $11.07 will be put back to the test.
Empty liquidation is higher.
The CoinGlass data show that the total amount of LAB-related liquidations over the past 24 hours was approximately $815.6 million, of which some $646.3 million was liquidated emptyly and some $16.93 million was liquidated over time. Empty losses were significantly higher than multiple, suggesting that this round was partially driven by empty silos.
This also means that in the process of rebounding prices from US$ 12 to US$ 15.48, the short-line upturn was amplified by the backfilling silo. However, the current sustainability of the rebound remains to be seen in the absence of a new spot or voluntary buy-in.