Pump.fun (PUMP) is moving on a short-term bearish path, showing renewed selling pressure. During the past 24 hours, the token slipped nearly 3.09%. Despite this decline, weekly performance remains positive, with PUMP posting a notable 4.9% gain overall.
At the time of writing, PUMP is trading at $0.01470. Its 24-hour trading volume stands at $178.22 million, reflecting a sharp 22.01% drop. Market capitalization is valued at $836.91 million, also declining by around 3.1% over the same period.
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Short-Term Market Pressure And Liquidity Shift
According to crypto analyst @CryptoFaibik, PUMP on the 12H timeframe remains in a clear downtrend, respecting a well-defined descending parallel channel since September. Price has consistently formed lower highs and lower lows. The structure is technically bearish, but recent price action shows recovery from the channel’s lower boundary toward resistance.
Price is currently interacting with the upper line of the descending trend line. If a rejection occurs at the current levels, a probable 15%-25% retracement to the mid-channel support levels of $0.0020-$0.0017 may be realized. That is a strong 12H close above the current levels.
On a confirmed breakout, the technical target for the channel is in the region of the green zone between $0.0060 and $0.0063, which corresponds to 145-150% gains from the current price levels. Before the breakout, resistance at $0.0028-$0.0030 is of prime importance, while danger lies below.
Descending Channel Defines Price Structure
The RSI (14) stood at 52.37, with its MA at 50.49, and key levels remain at 70 for overbought and 30 for oversold. The fact that the RSI was above the 50 middle line and its MA indicated continued bullish momentum. The previous bounce from the 30-35 region indicated a departure from bearish influences, and there is still some leeway before it becomes overbought.
The MACD (12,26,9) chart indicates that the MACD line is at 0.00000, the signal line is at -0.00005, and the histogram is positive at +0.00005, with the level of the zero line at 0.00000. A strong positive bullish indicator is indicated by the green histogram near the zero line, as well as an early bullish crossover indicated by the MACD line moving closer to the signal line.
Also Read: PUMP Price Soars 6.6% as Bulls Target $0.0076 Resistance Zone
