Pump.fun's PUMP token has plummeted 63% since its ICO, currently trading at $0.0024. Despite the crypto market overall showing stability, PUMP's decline follows disappointment over the absence of a promised airdrop, as stated by co-founder Alon Cohen. Additionally, a class action lawsuit and a zero-vesting model that initially attracted buyers have exacerbated selling pressures, with nearly 60% of presale participants having sold their tokens. Competitor LetsBonk has also been gaining market share, worsening PUMP's situation. Currently, technical analysis shows all indicators suggesting continued selling pressure, with the Relative Strength Index (RSI) indicating oversold conditions and a bearish Average Directional Index (ADX). While some minor short-term bullish signals exist, the overall trend remains downward. Key support levels are at $0.00239 and $0.00200, with resistance at $0.0028 and $0.00340, making it clear that the path of least resistance is lower with no immediate signs of recovery.

Source 🔗