Pump.fun's PUMP token has plummeted over 63% since its ICO two weeks ago, currently trading at $0.0024. Despite the overall crypto market showing stability, PUMP's decline has been fueled by the lack of a promised airdrop, disappointing investors. Co-founder Alon Cohen's announcement on July 24 that an airdrop is not imminent exacerbated sell pressure. Furthermore, a class-action lawsuit alleges the platform operates unlicensed schemes. Compounding these issues, many presale investors have abandoned their tokens, adding to persistent sell pressure. This decline is punctuated by technical indicators suggesting no immediate recovery, with the Relative Strength Index indicating extreme selling pressure. The Average Directional Index confirms a strong downtrend, and without significant bullish signals, the outlook remains bleak. PUMP must break above $0.0027 to indicate a trend reversal, while immediate support is noted at $0.00239, which may attract bargain hunters.

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