- Pump.fun is hovering at the $0.0020 mark.
- PUMP’s trading volume has soared by 21%.
With both red and green charts found across the market, the crypto tokens are experiencing mixed sentiment. The recent recovery attempt is no stronger, and the price movements are struggling to find a direction. As fear sentiment is hanging around, the dominant assets, like Bitcoin (BTC) and Ethereum (ETH), are seeking to break out of the bear market.
Meanwhile, Pump.fun (PUMP) has spiked by over 1.21%, and it opened the day trading at a bottom of $0.001991. With a gradual push on the upside, PUMP has broken some key resistances and driven the price to a high of $0.002133. Currently, Pump.fun trades near $0.002023, and the trading volume is up by 21.61%, touching the $129.56 million mark.
With PUMP’s recent bullish sentiment, the price could move up toward the resistance level at around $0.002054. If the upside pressure intensifies, it initiates the emergence of the golden cross, and the bulls may send the asset’s price toward $0.002085 or higher.
On the downside, assuming the bears show up, the Pump.fun price might retrace to its immediate support at the $0.001992 range. An extended bearish correction would push out the death cross to unfold. Eventually, the price action may slip to its former low below $0.001960.
Bullish Momentum Builds for Pump.fun, Technicals Point Higher
The Moving Average Convergence Divergence (MACD) line of Pump.fun has crossed over the signal line, giving a bullish sign. Also, this crossover implies that the price may move higher, and can strengthen the positive outlook and support further gains.
Moreover, the Chaikin Money Flow (CMF) indicator of PUMP is at 0.07 points to mild buying pressure, with the money flowing into the asset. Significantly, this shows an early accumulation, and buyers begin to show interest, though the strength is not very strong.
Pump.fun’s daily Relative Strength Index found at 55.04 indicates a slight bullish impulse, with buyers holding a small advantage. The market is relatively balanced with a mild upward bias, and if RSI continues to move up, the uptrend could strengthen.
Furthermore, the Bull-Bear Power (BBP) reading of 0.000027 suggests almost a neutral sentiment. As it is extremely close to zero, neither buyers nor sellers have clear control of the market. This reflects a consolidation phase with very weak momentum.
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Source: https://thenewscrypto.com/pump-fun-pump-price-battle-surge-reload-or-downside-drift-ahead/
