LAB Price Prediction: Can Buyers Push LAB Above Resistance?

The LAB coin is now in testing of the significant $6.00 demand level after a big drop.

Though there is a little buyer activity at the existing level, the trend is rather weak below significant moving averages.

A breakout above the resistance level can be seen as a short-term trend reversal, while a breakdown below the support could be seen as a continuation of the bearish trend.

The LAB Price Prediction article contains information regarding the technical analysis and support and resistance levels.

LAB Price Prediction: Current Market Overview

Source Data from CoinGecko

What is LAB?

LAB is a trading platform on blockchain that allows users to have faster trading, lower transaction costs, and built-in trading tools.

With the help of the $LAB token, users can access the trading, analytics, portfolio management, and community features.

Why is the Price of LAB Down?

As highlighted in the post “Bubblemaps,” early investors continue to realize significant amounts of gains, worth over $500 million, despite the $LAB coin's massive correction.

Based on the wallet distribution chart, it is clear that there are huge token holders who will have the chance to get access to their tokens in the next unlock period.

If the $6.00 demand zone breaks, the coin will move down, while strong buying at this level will help it recover.

Source: data from Twitter

Short Term Trend Analysis

The short-term trend is still bearish, but the $6.00 demand zone provides important support.

In case the buyers manage to hold this level, a relief move towards the first resistance level at $8.00 might happen. 

A breakout above $8.00 can boost the bulls' strength and push the price towards the second resistance zone from $10.00 to $12.30.

If the $6.00 demand level breaks down, then the bears will keep pushing the price lower towards the next target, which is the $4.00 demand zone. 

A breakout below $4.00 might fuel more sellers

However, as $LAB tested the falling trend line, the rejection pushed $LAB's liquidity towards the $11.00 resistance level but at the same time solidified  the existing downtrend.

Key Levels

• Demand 1: $6.00

• Demand 2: $4.00

• Resistance 1: 8.5

• Resistance 2: $10.00

Daily Chart Analysis

$LAB is currently on a bearish trend, but buyers have been holding out at the $6.00 demand area, which means it is a crucial support area.

In case the support holds, then a rise to $11.00-$12.40 is possible with a breakout pushing LAB to $17.00-$18.00. 

A loss of the $6.00 will see $LAB move to $4.50-$5.00, and $1.63 is the significant long-term support for LAB. 

RSI is currently at 42, indicating that the bears have lost some momentum.

Key Levels

• Support 1: $6.00

• Support 2: $4.50–$5.00

• demand 3: $1.63

• Resistance 1: $11.00–$12.40

• $Resistance 2: $17.00–$18.00

Expert Opinion

$LAB is still at an important crossroads after experiencing a recent correction. 

Although there has been less selling pressure, which may have lowered sentiment in the short run, persistent volume indicates that buying is continuing.

In order to sustain a recovery, there needs to be a further buildup of buying momentum, while weakness could continue.

Disclaimer

The $LAB price prediction presented here is for informational purposes only and should not be taken as financial advice. Cryptocurrencies can be quite volatile, so make sure to do your own research before making an investment.