Pump Coin price has risen to over $0.0028, reflecting a bullish trend in the past 24 hours. This rise is after a recovery where a new whale pumped in $23.5 million in the coin following a previous market downturn. The coin has experienced a 5% increase on the previous day, which has introduced optimism of a price increase.
As the broader cryptocurrency market is still in the consolidation phase after a week of bearish trading, major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP are experiencing sideways price movement.
Nonetheless, Pump Coin is on good momentum as it has been performing a falling wedge formation on the 4-day chart. Which is a conventional indicator of an imminent trend reversal.
Pump fun price is already in a demand zone, and the slightest price recovery will lead to a sharp rise in its price. The future appears encouraging, and the whales and institutional investors are bullish. The next price target of the coin is $0.0030.
Whale Accumulation Drives $23.5M Purchase of $PUMP
A new whale is waving in the $PUMP market with a significant investment of $23.5M. The last week has been an aggressive accumulation of the whale in terms of $PUMP tokens, and it is a series of notable buy entries. This initial purchase was made five days ago, and there have been other dollar-cost averaging (DCA) purchases made in the last 24 hours, at a larger market adjustment.
The accumulated $PUMP in terms of token flow was taken out of Binance, OKX, and Bybit, the leading exchanges. The tokens were then consolidated into four key holding wallets after being diverted via intermediary wallets. Overall, this whale has amassed 8.288 million $PUMP tokens, which are worth about 23.5M and have an average price of 0.00273 per token.
How High Could Pump Coin Price Go in Coming Weeks?
The latest PUMP coin price surged to $0.002829 after a significant increase over the past 24 hours. This surge highlights growing interest and market activity, as the coin saw a notable price jump.
Should the PUMP coin price maintain its positive upward trend, it may reach the value of $0.003 within the near future. This possible rise would be a milestone to the coin, as it may give the coin increased investors. This could even go to $0.004 in case the bullish trend continues.
Source: PUMP/USD 4-hour chart: TradingviewThe Relative Strength Index (RSI) is at 50, which indicates a neutral mood of the market. This shows that the market may move in either direction, driven by external forces or additional market movement.
Moreover, the MACD (Moving Average Convergence Divergence) is a more conservative forecast. The blue MACD line has just crossed under the orange signal line, which is a possible bearish divergence.
In case the bears gain back the control, the PUMP coin price may have a pullback. All this may push the price down to $0.0025, which is a strong support level that may be tested.
Source: https://coingape.com/markets/pump-coin-price-soars-as-new-whale-accumulates-23-5m-amid-market-dip/
