Pump.fun's PUMP token has plummeted over 63% since its ICO, trading at $0.0024 down from a $4 billion valuation. Despite the overall crypto market being relatively stable, PUMP has experienced significant selling pressure following the co-founder's announcement that a previously expected airdrop is not imminent. This disappointment, combined with a $5.5 billion class-action lawsuit alleging unlicensed operations, has harmed investor confidence. Since the token's launch, nearly 60% of presale participants have sold their holdings, exacerbating the decline. Other factors contributing to PUMP's struggles include a drop in daily active users and competition from rival platforms like LetsBonk. Technical analysis indicates a strong downtrend, with significant indicators such as the RSI and ADX suggesting continued selling pressure. For any hope of reversal, PUMP would need to breach the $0.0027 resistance level, but all signs currently point towards further declines in value, with immediate support at $0.00239 and strong support at $0.00200.

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