The recent recovery attempts over the last few days are failing, and the broader crypto market cap is hanging around $3.81 trillion after losing 2%. Notably, all the major tokens have lit up the red candlesticks, pushing the price to lose momentum, including the largest assets, Bitcoin and Ethereum.
Meanwhile, Pump.fun (PUMP) has registered a spike of over 1.45%. The asset opened the day trading at a bottom range of $0.004465. Gradually, with the midday trading, a series of ups and downs were formed, and tested the resistance range between $0.004470 and $0.004957. The bulls then drove the PUMP price to a high of $0.004962.
At the time of writing, the asset traded within the $0.004735 mark, with its market cap reaching $1.67 billion. In addition, the 24-hour trading volume has dropped by 14.89%, touching $345.34 million. As per Coinglass data, the market has experienced a liquidation event worth $4.13 million of PUMP in the last 24 hours.
PUMP has surged 90% in two weeks, showing strong bullish momentum. The chart shows a TD Sequential sell signal, which may be a potential short-term reversal. The situation is considered locking in gains as the uptrend could pause or retrace. Despite the strength, a caution is warranted.
With PUMP’s bullish sentiment, the price might climb and test the resistance at the $0.004740 range. The asset could trigger the golden cross to take place as the upside correction of the asset strengthens, and the bulls may send the price toward $0.004745.
On the downside, if the bearish pressure pops up, the PUMP price could fall back to its immediate $0.004730 support. Further correction on the downside might push out the emergence of the death cross, and the price would slip to its former low below $0.004725.
The Moving Average Convergence Divergence (MACD) line crosses above the signal line, which indicates a bullish signal. If the asset’s momentum increases, a potential uptrend may kickstart. Besides, PUMP’s Chaikin Money Flow (CMF) indicator settled at -0.02, suggesting a slight bearish sentiment in the market. Also, the money is flowing out of the asset, with selling pressure marginally outweighing buying pressure.
Moreover, the daily Relative Strength Index (RSI) found at 67.53 points that the asset is approaching the overbought territory. PUMP’s Bull-Bear Power (BBP) reading, staying at 0.000487, signals that the bulls have a very slight dominance over bears in the market. If the value turns deeply positive, the bulls may reinforce their strength.
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