The PUMP token from Pump.fun has plunged over 63% since its ICO, raising concerns amid a broader stable crypto market. Despite generating significant revenue, the token's performance is disappointing. A recent statement from co-founder Alon Cohen about the cancellation of a highly anticipated airdrop intensified sell pressure. Additional factors include a $5.5 billion class-action lawsuit alleging unlicensed operations, exacerbating investor anxiety. Technical analysis suggests strong bearish momentum, with every indicator signaling further declines. The Relative Strength Index indicates extreme selling pressure, while the Average Directional Index confirms a persistent downtrend. Competitor LetsBonk is gaining ground, impacting Pump.fun's market share. Despite assertions of repurchasing efforts, they have had minimal effect on price recovery. The immediate future for PUMP appears bleak, with analysts suggesting further losses may continue unless significant price resistance levels are breached. Key support levels are set at $0.00239 and $0.00200, with resistance at $0.0028 and $0.00340.

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