Pump.fun (PUMP) is trading at $0.002468, and this has increased by 2.45% over the past 24 hours. The trading volume has grown remarkably by 47.8% to 254.14 million. This illustrates a strong bullish action on the market.
The price of PUMP coin has fallen slightly by 0.38% in the past week. As much as this is a minor decline, the trend is on the positive side, and this current increase in trading volume would be a pointer that the investors are still optimistic.
Source: CoinMarketCap
PUMP Shows Renewed Strength Near Key Resistance Zone
According to Analyst Alpha Crypto Signal, PUMP is regaining strength. The analyst noted that the trading volume is rising again, and it is an indication that more market players have been active in the markets. The resistance area remains the area that traders are closely monitoring to establish the persistence of the trends.
PUMP has been countering a strong degree of resistance. A firm position and decisive break above this level may be favorable in the subsequent rising stage. The direction of the short term will be determined by the outcome of this test. The traders are closely monitoring the market’s movement toward this critical point.
Source: X
Moreover, another analyst, Elite Crypto, mentioned that PUMP had previously drawn an inverted cup and handle and then dropped. The structure was a sign of frailty in those days. The token has now grown out of a normal cup and handle. This tendency is often observed in the attempt to change the momentum upward.
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If the PUMP is higher than resistance, it may move toward $0.0033. The next technical area of interest is the resistance level. The market’s investors are eagerly anticipating confirmation. The reaction will provide a greater insight into the subsequent swing.
Source: X
Trading Volume and Open Interest Surge
CoinGlass data shows a trading volume growth of 39.94% to $641.06 million. The open interest increased by 7.51% to $222.45 million. The figures showed improved trading in derivatives. The OI-Weighted Funding Rate was 0.0069%.
Source: CoinGlass
RSI and MACD Point Toward Bullish Shift
The Relative Strength Index (RSI) was moving on towards gaining. The daily RSI stood at 56.12. The signal line stood at 52.23. Buyers favored the momentum of the reading. It also confirmed that PUMP was no longer in its past oversold phase.
The bullish shift was supported by the Moving Average Convergence Divergence (MACD). The MACD line measured 0.0000584. The signal line stood at 0.0000235. A positive crossover was effected with the positive spread. The histogram was affirmative and in line with the growing market momentum.
Source: TradingView
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