Pump.fun's PUMP token has plummeted over 63% since its ICO, trading currently at $0.0024 and facing relentless selling pressure. The platform's co-founder recently announced that an expected airdrop would not occur soon, disappointing investors. Furthermore, its zero-vesting model led to nearly 60% of presale holders selling their tokens, adding to the decline. Despite the platform's operational success in revenue generation, the token's performance diverges sharply. Coupled with a class-action lawsuit alleging illegal activities, market sentiment is bleak. Technical analysis indicates no signs of recovery, with the Relative Strength Index deeply oversold and failure to show bullish signals. The Average Directional Index suggests a strong downward trend persists. Key levels for PUMP include immediate resistance at $0.0028 and support at $0.00239, highlighting a challenging path ahead for PUMP's recovery prospects amidst fierce market competition.

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