Let's figure out why the price of Lagrange ($LA ) has fallen over the last 24 hours. According to the provided data, the decrease was 7.68%. To understand the reasons, let's look at the news and the results of technical analysis.
News mentions a warning from Binance about the transfer of 40 million tokens to exchanges on July 9 and 10. This is a concerning signal, as large transfers often foreshadow mass selling, which increases supply and puts pressure on the price. Additionally, the token does not have a maximum issuance limit, which may raise concerns for investors regarding inflation.
As for the technical analysis, the MACD histogram shows a positive signal, and the Relative Strength Index (RSI) is around 49.86 — this is a neutral level. However, the price is trading below the key Fibonacci retracement level of 23.6% at $0.4248. If the price cannot hold above this level, traders may lose confidence, leading to selling.
It is also worth noting that the overall crypto market has decreased by 2.76% during the same period. The drop $LA is significantly stronger than the market average, indicating that the decline is related to specific issues with the token rather than just general market trends.
Previously, after the listing on Binance in July, there was a sell-off as traders took profits. It seems this situation is repeating: first, a price surge amid excitement, then a drop due to the exit of early investors.
In summary: the main reasons for the decline in the price of Lagrange are the unlocking of tokens causing selling pressure, technical resistance levels, lagging behind the overall market, and profit-taking by investors. It is recommended to monitor further movements of the tokens and market sentiment.