With the 1.54% slip in the market cap, all the major crypto assets have dipped into the red, losing momentum. The largest assets, like Bitcoin (BTC) and Ethereum (ETH), are trading on the downside, hovering at around $114.8K and $4.5K. Among the altcoins, Pump.fun (PUMP) followed suit, plummeting by over 6.65%.
In the morning hours, the asset traded at a high of $0.008831. As the bearish pressure entered the market, the potent bears sent the PUMP price to its former low at around $0.007538. According to CMC data, the asset is currently trading at around $0.007565, with a market cap of $2.67 billion.
It is worth noting that the daily trading volume of PUMP has increased by over 13%, reaching $1.22 billion. The Coinglass data reported that the market has witnessed a liquidation event worth $11.20 million of PUMP in the last 24 hours.
Notably, a trader sold 130M PUMP tokens at an average price of $0.00854, locking in profits. Two months ago, he purchased 360.43M PUMP for $949K and still holds 230.43M PUMP worth $1.86M. His overall profit exceeds $2M, a 213% return in just two months.
PUMP’s Moving Average Convergence Divergence (MACD) line is found above the signal line, indicating a bullish signal. If the upward momentum strengthens, the price will continue rising. Besides, the Chaikin Money Flow (CMF) indicator of the asset settled at 0.13, which is positive. This suggests that buying pressure is stronger than selling pressure in the market, with capital flowing into the asset.
The price chart of the asset infers that the PUMP price may slip to its immediate $0.007558 support. If the downside correction pushes out the death cross, the price could go to its former low at $0.007551. Assuming the bulls took control, it could climb and test the nearby resistance at around $0.007572. With the ongoing bullish correction, PUMP might trigger the golden cross formation, driving the price up toward $0.007579.
Additionally, the daily Relative Strength Index (RSI) positioned at 60.09 implies that the asset is in neutral to moderately bullish territory. If it enters the overbought zone, a pullback might occur. PUMP’s Bull-Bear Power (BBP) reading of 0.000216 is slightly positive, where the bulls are dominant. As the value is close to zero, the momentum is weak, with no strong trend direction.
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