Pump.fun's PUMP token has dropped over 63% since its ICO, currently trading at $0.0024. The decline follows a $600 million ICO and has been exacerbated by the company’s co-founder announcing that an anticipated airdrop would not occur soon, leading to panic selling among investors. Despite Pump.fun’s operational success, generating considerable revenue, its token's performance has disappointed. A significant lawsuit alleging unlicensed operations has added to the woes. Market dynamics also indicate competitors like LetsBonk are gaining market share. Technical analysis shows a bleak outlook for PUMP, with critical indicators suggesting persistent selling pressure. The token's Relative Strength Index indicates oversold conditions, but no bullish signals suggest the possibility of a reversal. Key price levels indicate immediate resistance at $0.0028 and strong support at $0.0020. Without a clear recovery trajectory, the sentiment remains bearish, making it challenging for PUMP to regain footing.

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