Pump.fun's PUMP token has seen a drastic decline of over 63% since its ICO, currently trading at $0.0024 compared to its launch price. The bearish trend is attributed to the co-founder's announcement that no airdrop will happen soon, disappointing investors and leading to increased sell pressure. Despite generating substantial revenue, Pump.fun's activity has decreased significantly, with its market share threatened by competitors like LetsBonk. Technical indicators reveal a strong downtrend, with the Relative Strength Index indicating significant selling pressure. The Average Directional Index confirms the prevailing downtrend, suggesting continued bearish momentum. PUMP must breach immediate resistance at $0.0028 to signal any potential recovery, but is currently trapped in a downward channel. Key levels include immediate support around $0.00239 and strong support at $0.00200, both critical for bargain hunters. Given the overall market conditions and declining fundamentals, the outlook for PUMP remains challenging.

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