- PUMP is currently hovering around the $0.0022 mark.
- Pump.fun’s 24-hour trading volume has surged by 73%.
The recent recovery attempt of the cryptocurrency market has failed, with the charts in red. The majority of the digital tokens have entered the bearish zone, likely pushing the price down to former lows, triggering a loss of momentum. Bitcoin (BTC), the largest asset, hovers at $90.4K, while the largest altcoin, Ethereum (ETH), is trading at $3K.
Meanwhile, Pump.fun (PUMP) has posted a modest 3.2% gain of over 1.45%. In the early hours, the asset traded at a bottom of $0.002127. With the entry of bulls, it tested and broke multiple resistance ranges between $0.002137 and $0.002491, then drove the PUMP price to a high level of $0.002501.
Pump.fun is currently trading at the $0.002249 mark, with its market cap staying at $792.57 million. Besides, the 24-hour trading volume has surged by over 73.06%, reaching the $236.72 million zone. According to Coinglass data, the market has experienced a liquidation event worth $2.63 million of PUMP.
PUMP Under Pressure: More Downside Ahead?
Both the Moving Average Convergence Divergence (MACD) line and signal line are below the zero line, which indicates the PUMP market is in the bearish zone. The downward momentum is strong, and if the lines move upward, it hints at a potential early reversal.
In addition, PUMP’s Chaikin Money Flow (CMF) indicator is found at -0.08, suggesting moderate capital outflow from the asset. Notably, the selling pressure is stronger than the buying pressure, and it is not extreme, therefore, reflecting weakness.
With the negative outlook, the PUMP price might fall and test the support at the $0.002238 range. Further downside correction could trigger the emergence of the death cross, and the bears would send the price below $0.002227. On the upside, if the bulls show up, the asset’s price could rise to its immediate resistance level at $0.002260. An extended bullish pressure might push for the formation of the golden cross, driving the PUMP price above $0.002271.
Moreover, the daily Relative Strength Index (RSI) is resting at 47.02, implying a neutral-to-slightly bearish market. It is neither oversold nor overbought, with room for a move in either direction, depending on the broader sentiment. PUMP’s Bull-Bear Power (BBP) reading at -0.000057 signals a weak bearish dominance. Also, the sellers have a slight power over the buyers, likely pointing to market indecision rather than a strong downward move.
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Source: https://thenewscrypto.com/momentum-tension-for-pump-break-toward-0-0030-or-another-fade-lower/
