Is Another Leg Down Imminent?

• Pump.fun is hovering at the $0.0017 range.
• Daily trading volume PUMP is down by over 16%.

As of 26th March, Pump.fun (PUMP) is waving a red flag across the chart, registering a loss of over 5.63% in the last 24 hours. The asset opened the day trading at around $0.001922, and with the bearish pressure in the PUMP market, the price has retraced to a bottom range of $0.00177. 

Currently, the Pump.fun price is trading at around the $0.001780 mark, with the market cap reaching $587.57 million. Besides, the daily trading volume is up by over 16.98%, touching $95.67 million. The Coinglass data has reported that the PUMP market has seen a 24-hour liquidation worth $403.30K. 

With the negative sentiment of Pump.fun, the price might slip to test the $0.0016 level. Assuming a sturdy downside correction to happen, the death cross could emerge, and the bears would send the price even lower to its former supports.  

If the bulls entered the PUMP market, the price could immediately rise to the resistance at around $0.0018. An extended pressure on the upside might initiate the golden cross to take place, and drive the asset’s price to its higher targets. 

Which Direction Will PUMP’s Momentum Take Next?

Pump.fun’s Moving Average Convergence Divergence (MACD) and signal lines are below the zero line, which means the momentum is clearly in the downtrend. The price has been moving lower, and the market is heavy, so any bounce may struggle unless momentum starts to shift.

Besides, the Chaikin Money Flow (CMF) indicator of PUMP at 0.01 is almost neutral, with a slight bullish tilt. Money is flowing into the asset, but it is very weak. Notably, the buyers are just starting to step in, and this points to a sideways market, unless stronger inflows begin to build.

The daily Relative Strength Index (RSI) value of 41.03 indicates a slight bearish bias. Sellers have a small edge, and the price has been leaning lower, but the momentum is not strong. Also, there is still room to move either way, but for now, the Pump.fun market leans a bit weak.

Moreover, the Bull-Bear Power (BBP) reading of PUMP at -0.000095 is in the neutral phase. It has no dominance from either buyers or sellers, and the market is undecided, with very mild momentum. This points to sideways movement, unless a stronger push starts to build.

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