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The sales pressure of Pump was too high to prevent the steep price decrease in the past week, but token has found some support in the short term.
Pump.fun [PUMP] 4% fell at the start of Saturday, July 26, but those losses recovered later in the day.
The Memecoin Launchpad -token was in a persistent downward trend within a few days after the launch on July 16. A heavy sale by top holders saw the pump fall under the initial currency (ICO) price on July 22.
Pump.Fun had deployed millions of dollars after the ICO to buy back pump tokens. The return plans were greeted with enthusiasm by the community. Previously, the accumulated costs would be sent via Kraken.
This was decided by the members of the community and called by crypto commentators as ‘extractive’. The return has started $ 19.6 million since the launch, but the pump ring trend does not come closer to the end.
In one Post on Xanalyst Cirrus It noted that this $ 19.6 million in Burkoop was only worth $ 7.6 million at current market prices.
Another market participant blanket On Reddit, that was a back purchase of $ 19.6 million too little for an active $ 2.4 billion market capitalization, while another deeply called a “called”smart way‘To pump prices before they dump their personal portfolios.
Pump seems to have found support in the short term
Source: Pump/USDT on TradingView
The price action of the 2-hour graph showed that the pump was shifting in favor of the bulls. The prize bounced on July 25 to reach $ 0.0029 came alongside a high trade volume.
Although the bounce seemed encouraging, it was still the local resistance zone from July 24.
The level of $ 0.00245 has been a support level for the past 48 hours. The great Oscillator emphasized that Beerarish Momentum was weakened.
The CMF was higher than +0.05, which increased the purchasing pressure in recent trading hours.
At the time of pressure, Pomp Beerarish remained in the short term, but there was some hope for recovery. A push beyond the resistance of $ 0.0029- $ 0.003 can clear the road for further profit in the short term.
However, the past ten days of trade have been predominantly Bearish. Traders and investors must be careful if they want to offer.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer