Pump.fun's PUMP token has plummeted over 63% since its ICO launch, which raised $600 million. Despite bullish trends in the overall crypto market, PUMP's price has dramatically declined to $0.0024, leaving investors perplexed. Disappointment arose after co-founder Alon Cohen announced that a highly awaited airdrop would not occur soon, escalating sell pressure. Amidst a wave of bearish momentum, nearly 60% of presale investors have sold off their tokens. This situation is exacerbated by a lawsuit claiming that Pump.fun operates an unlicensed casino scheme. Technical analysis reveals that PUMP is clearly in a downtrend, and significant indicators such as the RSI and ADX signal continued selling pressure. The range-bound pricing pattern suggests that unless it breaks the resistance level of $0.0028, the bearish trend is likely to continue. Thus, traders are left with little optimism as PUMP struggles to regain footing in a turbulent market.

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