As July is closing, Pump.fun (PUMP) is on bullish footing, as potential bulls take charge. It has been in a bear trap, attempting to attract the bulls into the charts, and finally succeeded. The broader trading pattern remains firmly positive, with the bullish price structure confirming that buyers dominate the broader market trend of PUMP.
Moreover, Pump.fun has posted a 17.71% gain in value and is currently trading within the $0.002135 range over the last 24 hours. The asset opened the day trading at a low of $0.001807, and with the entry of bulls, the price has moved upward to $0.002155. Also, the daily trading volume has skyrocketed by 245% to $123.49 million.
The recent price pattern is driven by buyers, being optimistic and pushing the price up. The crucial resistance of Pump.fun might be positioned at $0.002159, followed by a level above $0.002182. With the golden cross formation, a higher target at $0.0022 decides its further trajectory.
On the other hand, the first support zone of PUMP would likely be at $0.002111. If the price falls even lower, it’s a sign that the stronger momentum is fading. A steady move below confirms that sellers are gaining control. Also, the death cross might emerge and push the price lower to $0.0020.
The four-hour chart reports that the Moving Average Convergence Divergence is found above the signal line. The short-term momentum is moving faster than its average pace. As both lines are above zero, the overall trend of PUMP is strongly bullish.
Buyers hold control of the market, and long-term momentum is pointing up. There is strong buying pressure and momentum expansion. Traders look to maintain long positions until the MACD line starts curving back to the signal line.
In addition, the daily Relative Strength Index (RSI) of Pump.fun is at 71.91, crossing into the overbought territory. Buyers have pushed the price up in recent periods, creating strong upward momentum. It is facing an increased risk of a sideways consolidation.
Significantly, opening new long positions at this point carries elevated risk. Look for confirmation, such as a drop back below 70, before expecting a reversal.
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