Pump.fun's PUMP token has plummeted over 63% since its launch following a $600 million ICO. Despite a booming crypto market, PUMP struggles, currently trading at $0.0024. The token's failure can be linked to broken promises regarding an airdrop, which co-founder Alon Cohen stated would not occur soon, disappointing many investors. Additionally, a class-action lawsuit alleges Pump.fun operates an unlicensed casino scheme, intensifying sell pressure. The company's operational success contrasts sharply with its token performance, leading many to sell. Competitive pressure from rivals like LetsBonk has further impacted PUMP's market share. The technical outlook shows all indicators point to selling pressure, with the token currently in a downtrend. The Relative Strength Index is in oversold territory, suggesting bearish sentiment, while the Average Directional Index indicates strong downward momentum. Without concrete signs of recovery, the expectation is for continued downward price action, as PUMP faces significant resistance levels and minimal buying interest. Key support is seen at $0.00239 and $0.00200, while resistance is at $0.0028 and $0.00340.

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