Pump.fun's PUMP token has dropped over 63% since its anticipated ICO, which raised $600 million. Despite the overall crypto market stability, PUMP continues to decline, trading at $0.0024, significantly below its ICO price. The decline intensified after co-founder Alon Cohen announced no immediate airdrop would occur—a promise that had fueled investor expectations. Nearly 60% of presale participants have sold or transferred their tokens, increasing the sell pressure. A recent lawsuit alleging the operation of an unlicensed casino further complicates matters. Technical analysis reveals bearish trends, with indicators showing extreme selling pressure. The Relative Strength Index is at 28, signaling oversold conditions, but no bullish reversal is indicated. Daily active users on the platform have dropped 70%, and revenue has seen a downturn, suggesting bleak prospects for PUMP. Immediate support is noted at $0.00239, while resistance levels are set at $0.0028 and $0.00340. The market's response has resulted in widespread disappointment among investors, who are now seeking exits from their positions.

Source 🔗