Pump.fun's PUMP token has suffered a drastic decline of over 63% since its ICO launch, trading currently at $0.0024. Following a $600 million token offering, co-founder Alon Cohen announced no immediate plans for an airdrop, spurring panic selling among investors. Despite Pump.fun's impressive business metrics, generating over $775 million in revenue and deploying 12 million tokens, the token's performance has been lackluster. A class-action lawsuit alleging unlicensed operations also contributes to the downward pressure on PUMP. Most presale participants have sold or transferred their tokens, further intensifying the sell-off. Technical analysis reveals indicators of ongoing bearish momentum, with the token firmly entrenched in a downtrend. The Relative Strength Index suggests extreme selling conditions, while the Average Directional Index indicates a strong downtrend. PUMP's declining user activity and revenue, alongside market competition, signal that bearish sentiment will likely persist unless significant changes occur. Immediate support is noted at $0.00239 with resistance around $0.0028 and strong resistance at $0.00340.

Source 🔗