Pump.fun's PUMP token has plummeted over 63% since its ICO, currently trading at $0.0024. Despite the crypto market maintaining a steady tone, PUMP has become the worst-performing token within the top 100. The co-founder confirmed that a much-anticipated airdrop is not happening soon, leading to significant sell pressure as disappointed investors rush to exit. The zero-vesting model has worsened the situation, with nearly 60% of presale participants selling their tokens. Regulatory issues loom with a massive lawsuit alleging illegal casino operations, further impacting PUMP's market perception. Technical analysis indicates a strong downtrend, with short-term indicators showing continued bearish momentum. The Squeeze Momentum Indicator suggests that any immediate volatility has dissipated, while the Average Directional Index indicates a strong downward trend. Without a break above the crucial resistance level of $0.0028, PUMP's trajectory appears firmly lower, leaving traders cautious and bearish in the short term.

Source 🔗