Important collection restaurants
Pump.Fun rose by 11% after defending $ 0.0026, with $ 1 billion market capitalization recovered. The Futures -question drove profits, but sellers dumped 745 million tokens.
Pump.fun [PUMP] Successful $ 0.0026 support defended and increased 11.3% to reach a local highlight of $ 0.00306. At the time of writing, Pump traded at $ 0.0029, an increase of 8.3% in the day.
In the same period, the Altcoin’s Market Cap climbed back above $ 1 billion after a short time to $ 975 million, which indicates a stable influx of capital.
So, is this the start of something bigger or just a technical bouncing?
The demand for futures shot up
It is interesting that, since Pump fell two consecutive days, investors in derivatives hurried to take positions.
According to Coinalyze, the financing rates of the memecoin rose and reached the levels of 0.021, which are usually considered increased.
Also predicted financing percentages between stock markets on average almost +0.01%.
Source: Coinalyze
Usually, when the financing percentage peaks, this raises the question of long positions.
In the meantime, the long/short ratio of Pump was 2.48 at the time of the press, where long positions were good for 71% of the total futures contracts. Of course this dominance implied that traders gambled at higher prices.
Source: Coinalyze
Thus investors bought the dip through Futures, making the short -term repair of Pump Boost.
Profit take hits raised levels
As expected, the sellers saw as soon as the pump was somewhat recovered from the recent DIP, sellers saw the chance to cash in and make a profit.
Source: Coinalyze
According to Coinalyze, sellers have dumped 744.9 million tokens, while buyers took 533 million. This left a negative purchase/selling delta of -211 million tokens, which marked in red for four consecutive days.
Exchange activity echoed the shift. According to Coinglass, Pump Spot Netflow became positive for the first time in five days.
Source: Coinglass
On August 27, Netflow rose to $ 165.9k, which reflects a higher inflow compared to the outflow. When sellers often dominate stock markets, this often causes considerable downward pressure on an active, resulting in lower prices.
Can pump hold?
According to the analysis of Ambcrypto, PUMP bounced off its low if traders stacked themselves in futures.
As a result, the Memecoin turned the short -term advancing average (9dma) to $ 0.0029, which indicates a strong up momentum. At the same time, Stochastic RSI made a bullish crossover, which further strengthens the upward trend.
Source: TradingView
At the time of the press, TradingView pump showed his 21-day advancing average testing near $ 0.0032.
To support the bullish case, Bulls must contain $ 0.003 and turn the 21DMA. This can open space to $ 0.0038.
That said, if the momentum fades, Pump risks a new retest of $ 0.0026.