How are you all? I am sure you are all doing well as usual. Today I will discuss another new crypto with you, I hope you like it.
Recently, there has been a good movement in the market regarding the LAB token, so I have made an analysis of its chart and market data. Currently, the token is trading in a price range of about $7.67, which shows a positive growth of about 39% in 24 hours. However, the most interesting thing is that the huge gap between its 24-hour high and low price—$13.53 to $5.52—indicates that the market is currently experiencing extreme volatility.
Analyzing the daily chart (1D), it can be seen that the token has been in a pretty good bullish momentum for the past few days. The price is well above the MA(7) and MA(25) lines, which indicates an uptrend. However, there was a rejection near the previous high of $9.05. The market cap is currently around $3.31 billion and the fully diluted valuation (FDV) is $7.67 billion. One thing to note here is that the token has a liquidity of only $6.51 million. Since the liquidity is quite low compared to the market cap, the price can fluctuate very quickly if a large buy or sell order comes in.
On the other hand, the 1-minute (1m) short-term chart shows a slightly different picture. After the big pump, some profit booking and correction are currently being observed at the micro level. The price has touched the resistance of $8.00 and is currently trying to consolidate around $7.66. It is very important to hold the support level of $7.57 in the short-term.
43.15% of the total supply of the token of 1 billion is currently in circulation. With the exchange balance at around 174.56 million LAB, there is a possibility of selling pressure in the market at any time. Those who are thinking of taking new entries, it would be better to wait a little while rather than falling into FOMO directly in this high volatile zone. It would be wise to observe how the price reacts to the support level and make the next decision.
Posted Using INLEO
