The Pump.fun token is showing signs of recovery after enduring a sharp 66.58% decline from its mid-July peak. On July 15, meme coin infrastructure token saw a local high of 0.00689 and then dived down to 0.0023 in the next ten days.
Nevertheless, the recent trend of prices indicates the possibility of a change to the bullish side. After the deep drawdown, the Pump.fun token has entered a period of consolidation last week, moving over the narrow range of between 0.00245 and 0.003.
Pump.fun Token Sees Bullish Shift
Momentum was neutral at this period and the buyer indicated little aggressiveness in accumulating. However, the situation has changed in the past 24 hours.
Also, on July 31, the Pump.fun token escaped its short-term trading range, with the price rising by 30 percent and clearing the $0.003 level, which has signaled a possible trend reversal at the lower timeframes.
As of press time, the token was trading just above $0.003, and some analysts have their sights set on a possible retest of the $0.0029-$0.003 demand barrier as an entry point bullish traders on.
Bitcoin and Ethereum Rally Boost Altcoins
Wider market trends could also be bringing the Pump.fun token a new push. Bitcoin (BTC) is back on track after rebounding off the $116.7K support base, but it suffered a minor pullback and was trading at around the $115.8K mark on July 30.
Ethereum (ETH) also rose up by 1.47 percent after probing the support area of $3.7K. Altcoins as the Pump.fun token could also be given a boost by the positive sentiment in the leading cryptocurrency in the short run.
Technical indicators on the 2-hour chart also point to a bullish scenario of the Pump.fun crypto token. The Relative Strength Index (RSI) is indicating upbeat momentum and On-Balance Volume (OBV) has put forward a greater high implying increased purchasing pressure.
Pump.fun Token Faces Crucial Resistance Ahead
Among the key upside targets, there is a fair value gap of $0.0036 and resistance value level of 0.00378. In case of the bullish structure, analysts predict more than 20 percent of a possible bullish run.
Nonetheless, market analysts warn that such an arrangement has been founded on price action and technical analysis of the short-term market instead of the long-term underpinning of the Pump.fun token.
Although the general trend facing the meme coin market is highly speculative in nature, the recent technical breakout of the Pump.fun token is providing traders with some sense of hope and a means through which to achieve strategic profits in such a fickle market.
Conclusion
Based on the latest research, Pump.fun token appears to be regaining momentum after a sharp decline. With a bullish market structure, improving technical indicators, and broader market support from Bitcoin and Ethereum, short-term traders may find strategic opportunities though caution remains essential due to the token’s speculative fundamentals.
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Summary
The Pump.fun (PUMP) token plunged 66.58% after hitting a $0.00689 high on July 15, dropping to $0.0023. This was followed by a week of consolidation but a break out on July 31 above the figure of 0.003 signaled a possible turnaround in trend. The market sentiment is also in favor as Bitcoin and Ethereum rebound resulting in a 20 percent advance possibility. The technical indicators including OBV and RSI depict a bull market and potential price targets of $0.0036 and $0.00378 in the short term.
FAQs
1. Why did Pump.fun token crash?
It dropped 66.58% after hitting $0.00689 due to profit-taking and weak buyer interest.
2. What caused the recent price surge?
A breakout above $0.003 on July 31 triggered a 30% surge, backed by strong technical indicators.
3. Is the broader crypto market helping PUMP?
Yes, Bitcoin and Ethereum rebounds are boosting sentiment, supporting altcoin recovery like Pump.fun.
4. What are PUMP’s short-term targets?
Analysts eye $0.0036 and $0.00378 as near-term targets based on bullish momentum.
Glossary Of Key Terms
Pump.fun Token (PUMP)
A meme coin launchpad token showing high volatility.
Breakout
Price moves beyond resistance, signaling momentum.
Support Level
Price floor where buying interest appears.
Resistance Level
Price ceiling where selling pressure increases.
RSI (Relative Strength Index)
Measures price momentum; above 70 is bullish.
OBV (On-Balance Volume)
Tracks volume flow to gauge buying/selling pressure.
Meme Coin
Crypto driven by internet trends, not fundamentals.
Altcoin
Any crypto that isn’t Bitcoin.
Reference
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