The Pump.fun (PUMP) token witnessed a sharp 15% downturn over the last 24 hours as intensifying selling pressure and millions in liquidations pushed the asset to a critical technical juncture.
The Pump.fun (PUMP) token witnessed a sharp 15% downturn over the last 24 hours as intensifying selling pressure and millions in liquidations pushed the asset to a critical technical juncture.
After falling to a daily low of $0.002435, the token is attempting a mild recovery, hovering around at press time.
$7.3 million in total liquidations
$5.9 million, were from long positions
Significantly, Binance led all exchanges in liquidation volume, followed by Bybit, OKX, Huobi, and BitMEX. This concentration of activity reflects how speculative interest is driving short-term volatility.
From a technical standpoint, PUMP is now testing a crucial support zone. Despite the drop, technical levels indicate .
The immediate support lies near $0.002435, which was also the day’s low. A second layer of support sits at $0.002500, a level that previously attracted dip-buying activity. These price floors may encourage accumulation if sentiment improves.
On the flip side, the token is facing overhead resistance near $0.002800, where it recently failed to sustain gains. A breakout beyond $0.002800 could trigger momentum buying.
However, a larger hurdle looms at $0.003200, a level previously rejected by sellers during a price rally. Any movement toward this level would require renewed bullish interest.
From a trend perspective, the one-day chart reveals a predominantly downward pattern. A minor bounce later in the day hints at possible bottoming. The Relative Strength Index (RSI) now reads 28.51 firmly in oversold territory. This level typically reflects overextended selling and could precede a technical rebound.
However, the Moving Average Convergence Divergence (MACD) remains bearish. The MACD line sits below the zero line, while the histogram to show negative momentum. Buyers may need more time before a convincing reversal forms.
