$LA dropped 11.30% in 24h due to profit-taking after its Binance listing and weak altcoin market conditions.
Post-listing selloff after July 9 Binance listing triggered profit-taking.
Buyback skepticism: Foundation’s July 14 buyback plan lacks execution details.
Altcoin weakness: Bitcoin dominance at 61.22% dampened risk appetite.
Deep Dive
1. Primary catalyst: Post-Binance listing selloff
LA fell sharply after its July 9 Binance listing (Binance announcement), continuing a pattern seen after its June Coinbase listing rally (+216%). Traders likely sold the news, as:
LA’s 24h volume ($25.4M) remains elevated but down 3.65% from peak levels
Technicals show RSI14 at 30 (oversold), but price broke below 30-day SMA ($0.398)
This aligns with historical volatility: LA has fallen 77% from its June 6 all-time high of $1.72 (CoinJournal).
2. Market dynamics: Altcoin headwinds
Bitcoin dominance rose to 61.22% (from 60.79% yesterday), signaling capital rotation away from alts
Altcoin Season Index at 35/100 (-18.6% weekly), reflecting muted altcoin demand
Total crypto market cap fell 3.96% in 24h, amplifying LA’s decline
Conclusion
LA’s drop combines token-specific profit-taking with broader altcoin weakness. The proposed buyback (@Lagrange Official Foundation) could stabilize prices if executed, but requires monitoring.
Watch: Will Bitcoin dominance break above 61.5%, extending pressure on alts like LA?
