Important collection restaurants
The first fears that pump buyers would quickly make a profit and the price in a bearish malaise would have been released. The lack of airdrop plans in the near future also damaged sentiments and could send the price by a maximum of 27%.
Pump.fun [PUMP] Saw heavy sales pressure in recent days. After the ICO, the Solana [SOL]-Based Memecoin Launch platforms Token rose briefly to $ 0.0067 on Tuesday 15 July. Since then, however, the price has fallen by 56%.
Tokenomics even revealed that 33% of the total offer released on day 1. According to critics, this early investors gave the opportunity to cash in early, so that the price was lower lower. This scenario was released last week.
The recent weakness in the Cryptomarkt saw Ethereum [ETH] Slide from $ 3,860 to $ 3,657 and caused $ 190 million in liquidations in just 24 hours. It undoubtedly also had a negative influence on pump prices.
In addition, co-founder of the project Alon Cohen said an airdrop is do not come Always fast. Investor confidence when this news emerged, with great holders all sale their tokens.
What to expect for pump?
Source: Pump/USDT on TradingView
The price promotion of 1 hour revealed that a considerable real value Gap (white) is lagging behind after the decrease on July 23. At the time of writing, this gap was not yet filled. The market structure also remained strongly bearish.
Fibonacci retracement levels showed that a potential price bouncing would achieve considerable resistance in the field of $ 0.0034- $ 0.0038. A retest of this region would be a chance to sell pump or to go short.
The technical indicators supported this Bearish notion. The CMF was lower than -0.05 to identify larger capital flows from the market. The OBV ran down in recent days to emphasize a larger sales pressure on the pump. Fun native token.
The RSI, although it was a hidden bullish divergence, did not bounce meaningfully higher. Together, the indicators and price action emphasized intense bearish.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer