Pump.fun (PUMP) is currently trading at $0.008067 and the price has decreased by 3.17% over the past day. Nonetheless, PUMP has demonstrated strong growth recently. The coin skyrocketed 74.3% over the last week. Trading volume has decreased by 30.46%, now standing at $963.91M. But this slight decline hasn’t robbed the coin of its upward trajectory overall.
Source: CoinMarketCap
Crypto analyst Elite Crypto highlighted PUMP’s strength after a strong move to the upside. Since dipping from a low of $0.00634, PUMP was making its way up to trade at $0.00896, an increase of 41%. This breakout confirms the bullish momentum is strong and supports the W pattern. The strong climb higher has investors feeling positive, and many are searching for the next possible rally.
The levels of support are important to the coin’s price movement in the future. As long as PUMP remains above $0.0073, however, it could easily rise toward $0.01. Reclaiming this support zone would be a sign of continued bullish momentum. Traders are watching these levels closely, with a move above $0.01 indicating more interesting price moves.
Source: X
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According to CoinGlass data, the trading volume showed a 35.93% decrease to $2.86 billion, and open interests fell by 3.04%, totaling $1.13 billion. Despite all of these decreases, the OI-Weighted Funding Rate of PUMP remains at 0.0116%, indicating that the market sentiment is neutral. If the volume is lower but the decline in open interest and funding rate gives a neutral sign, this indicates that there’s still some room for price to increase.
Source: CoinGlass
The Relative Strength Index (RSI) reading of the PUMP is 78.37. This indicates the price could witness a minor pullback soon. However, the power of PUMP is still obvious, and a little tracing can be regarded as a return movement before the next rally.
The Moving Average Convergence Divergence (MACD) indicator is positive in value at 0.001169. The MACD line is above the signal line, which implies that there is a potential for further bullish momentum. RSI and MACD indicate strong performance, suggesting token prices will continue to rise in the coming weeks.
Source: TradingView
The bullish sentiment continues to drive the token higher, with technical indicators and market data consistently providing robust support for additional upward movement. Although there are some corrections, overall the trend is upward. As long as cryptocurrency stays above the major support level of $0.0073, it could have more gains beyond $0.01.
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