- PUMP retests the $0.0028 to $0.0029 support zone with breakout targets set at $0.0032 $0.0034 and $0.0036.
- RSI at 42.84 shows weak momentum while MACD confirms no bullish crossover with fading pressure.
- Trading volume jumped 52.49 percent to $1.92B while Open Interest dropped 2.34 percent to $437.17 million.
Pump.fun (PUMP) is currently trading at $0.002831 with a 1.24% rise in its price in the last 24 hours. Its trading volume had soared to $657.5 million, representing a 26.72% improvement in the same period. These figures indicate rebound activity and interest in the market and the current bullish trend.
Source: CoinMarketCap
In the past week, PUMP went down by 1.45%, probably to correct its previous upward trend. The weekly correction is also opposite to the daily up-trend, which shows short-term volatility. However, PUMP is portraying a combination of increasing volatility and price patterns.
PUMP Eyes Breakout After Support Retest
Kamran Asghar, a crypto analyst, highlighted that PUMP is retesting a major resistance flip area of approximately $0.0028 and $0.0029 in the 4-hour chart. This follows a clean breakout. The broken trend line is serving as support.
If this level is maintained, it may drive the price up to $0.0032 and $0.0034. A more aggressive breakout might even target $0.0036 and higher. He points out that this support proves useful in verifying trend strength.
Source: X
Also Read: XRP Holds Key Support: Will Bulls Trigger a $3.50 Rally?
RSI Drops Below 50 as MACD Shows Mixed Signals
The RSI is 42.84, showing that it is weak in momentum. The index has retracted more than 60points earlier this week. It is not oversold but indicates caution. A break above 50 would indicate that the bullish strength has returned. Until then, traders are keeping a close eye. As a short-term direction indicator, RSI is still a strong contender.
The MACD numbers indicate a deceleration in momentum. The MACD line of 0.000032 is lower than the signal line of 0.000082. The histogram is at -0.000050, indicating weakening pressure. There is no bullish crossover. There was a possibility to shift sentiment in a crossover. Until then, the momentum is mixed.
Source: TradingView
Volume Climbs 52% as Open Interest Falls to $437M
According to CoinGlass data, the trading volume increased by 52.49%, to $1.92 billion. The Open Interest decreased by 2.34% and is currently at $437.17 million. This shows that traders are closing their long positions.
Source: CoinGlass
The OI-weighted funding rate at 0.0074% indicates that there is no bias in the levered trades. The market does not show any severe bias. The circumstances are stable but unstable.
PUMP is on a critical stage. Another bullish wave could follow this as the support zone is held. This scenario is supported by volume, but indicators should be in line. The price targets are positioned at $0.0032, $0.0034, and $0.0036. The direction of prices is now determined by confirmation of important technical levels.
Also Read: BONK Eyes Breakout to $0.00006 as Validator Launch Boosts Confidence
