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- PUMP breaks key support at $0.004035, targeting $0.0024 as the next possible resistance level.
- Trading volume rises by 33.97%, but open interest drops by 16.44%, signaling market uncertainty.
- RSI at 27.66 signals oversold conditions, but bearish momentum persists unless a trend reversal occurs.
As of press time, Pump.fun (PUMP) is trading at 0.003689 with a 16.09% decline in the past 24 hours. The same day trading volume is $722.95 million, showing a growth of 33.97%. The price of the PUMP coin dropped by 34.92% in the last seven days.
Source: CoinMarketCap
Analyst Crypto Patel highlighted that PUMP recently broke a key support of $0.004035. This breakthrough of the support without retest increases the doubt of further depreciations. The next resistance to PUMP might be at the $0.0024 area, as liquidity and demand could offer some bullish pressure. The bearish run will continue as long as the coin fails to retake levels above $0.0040. The movement within this market is seen by analysts as not only a dip but more likely a breakdown in the structure of the coin that may result in subsequent falls.
Source: X
Bearish Market Outlook
CoinGlass data shows that PUMP trading volume has surged by 24.85% reaching $1.48 billion. But open interest decreased to 16.44% and currently stands at a figure of $560.99 million. The OI-weighted funding rate is at 0.0494%, which means that there is a slight level of interest in the coin but it is not enough to substantially change the mood of the general market.
Source: CoinGlass
Also Read: Pump.fun Sends $55M in Tokens to Wintermute, Price Crashes Over 22%
Popeye revealed that the chart of PUMP indicates distribution contrary to accumulation. The chart is not experiencing buying pressure as expected, but is in a period of redistribution with prices not finding a hold at key levels. Popeye pointed out that the market is running down and until a clear reversal trend or accumulation interest appears, the down trend is bound to continue.
Source: X
Pump.fun MACD Bearish
The PUMP Relative Strength Index (RSI) is 27.66 and the coin is oversold. An RSI of less than 30 indicates that the commodity is likely underpriced and may experience a temporary price recovery as pressure builds on buyers. Nevertheless, the RSI remains below the neutral 50 value, and it is yet difficult to say whether the bearish trend will be corrected in the near future.
The MACD indicator also gives a negative signal. The MACD line given shows -0.000128 and the signal line stands at -0.000169, which shows there is still bearish pressure. The negative MACD histogram also supports this sentiment. The general market outlook on PUMP is bearish unless the MACD line crosses the signal line above it.
Source: TradingView
Pump.fun (PUMP) is still facing bearish pressure, and technical indicators and market attitude point to further drops. The price of the PUMP might extend to a declining trend until a trend change or the accumulation of interest is established. Before engaging in major trade activities, traders are advised to monitor support levels and key indicators closely.
Also Read: PUMP Token Crashes 22% Days After $600M ICO Despite Major Buyback Effort
