LABNB Plunges Past Key Resistance After 10x Volume Reversal

Summary
• Price tested key resistance near 0.000477 but reversed sharply lower after the 21:15 ET candle.
• Volume spiked 10x at 19:15 ET alongside a bearish engulfing pattern, confirming a shift in sentiment.
• RSI entered oversold territory near 29, suggesting potential for short-term rebound, but trend remains bearish.
• Bollinger Bands tightened overnight, signaling potential for a breakout following the morning reversal.
• Fibonacci retracement levels at 0.0004149 and 0.0004588 appear to be acting as dynamic support and resistance.

Lagrange/BNB (LABNB) opened at 0.0004389 on 2026-02-07 12:00 ET, reached a high of 0.0004843, a low of 0.0003874, and closed at 0.0004211 on 2026-02-08 12:00 ET. Total volume was 102,610.7 units, with a notional turnover of 44.4416 BNB.

Structure and Patterns

A bearish engulfing pattern formed around 21:15 ET when a large downward candle consumed the prior bullish move. This signaled a shift in momentum. Key resistance at 0.000477 failed to hold, pushing price down to a 24-hour low near 0.0003874. A notable consolidation period followed between 02:00–07:00 ET, during which price fluctuated within a tight range near 0.0004031–0.0003913.

Technical Indicators

The RSI dipped into oversold territory at 29 following the overnight selloff, indicating potential for a short-term bounce. However, MACD remained bearish with a negative histogram and downward trend. Bollinger Bands tightened between 03:00–07:00 ET, suggesting a potential breakout after the consolidation phase.

Volume and Turnover

Volume surged nearly tenfold at 19:15 ET during a large bearish move, confirming the reversal from 0.0004576 to 0.0004211. A similar volume spike occurred at 04:00 ET after a small upward move. Notional turnover followed volume closely, with no major divergences observed, suggesting strong alignment between price and participation.

Key Levels and Projections

The 0.0004211 level acted as a floor during the morning selloff, with Fibonacci support at 0.0004149 just below. Resistance appears to be shifting to 0.0004588, a prior 61.8% retracement level. A break above this level could trigger a test of the 0.000477 high again, but for now, the trend remains bearish with a probable retest of 0.0004079.

The consolidation phase and oversold RSI suggest some short-term relief may be on the way, but a decisive move above 0.0004588 would be needed for a reversal to take hold. Investors should watch for a break of key support at 0.0004079, which could trigger further downside toward 0.0003956 in the next 24 hours.