LAB continued its downward trend, falling 21.6% to $12.09 in the past 24 hours, with trading volume also declining. The price failed to hold above key resistance levels after approaching them, and selling pressure subsequently intensified, leading to a more cautious market sentiment.
Binance positions are biased towards short positions.
Binance derivatives data shows that top traders are currently clearly biased towards shorting. Long accounts account for only 28.69%, while short accounts account for 71.31%, resulting in a long-short ratio of 0.40.
This structure suggests that even after LAB has fallen significantly, a considerable number of traders are still betting on further price weakness. Overly large one-sided positions can sometimes amplify volatility, but based on current data, traders do not yet universally agree that LAB has bottomed out.
- Long positions accounted for: 28.69%
- Short positions accounted for: 71.31%
- Long/Short Ratio: 0.40
The $17.78 resistance level was not broken.
Looking at the price action, LAB failed to break through the $17.78 resistance level and subsequently fell back from its high. This level represents a supply zone that it has consistently failed to break through during the recent upward trend, and its breach has triggered a new round of selling pressure.
After the pullback, LAB briefly approached $12.44 and is currently still above the major support zone around $9.15. The Relative Strength Index (RSI) is 54.53, and its moving average is 56.28, both remaining in neutral territory, indicating that there is no one-sided momentum yet.
Funding rates remain positive
It's worth noting that LAB's weighted average funding rate for open interest remains positive, currently at 0.0127%. This means that some long traders are still paying a premium to maintain their positions, contrasting sharply with the clearly short position structure of Binance's top traders.
This divergence indicates that some in the market still expect price recovery. However, funding rates have cooled significantly compared to earlier this month, suggesting that bullish sentiment is weakening. Currently, positive funding rates alone are insufficient to reverse the overall bearish trading sentiment.
