Pump.fun has slipped further into a downtrend, with PUMP price falling 7% in the past 24 hours. The altcoin now sits at a multi-week low, struggling to find momentum.
Broader market weakness is playing a significant role, limiting recovery potential and keeping bullish traders on edge.
Pump.fun Token Holders Are Optimistic
The Relative Strength Index (RSI) shows clear signs of deteriorating market sentiment. The indicator has slipped below the neutral 50.0 mark and now sits at 44.79. Such levels signal rising bearishness, leaving little room for a quick rebound in PUMP’s price.
RSI’s move into the negative zone confirms the pressure weighing on PUMP. Unless external catalysts provide relief, this indicator suggests the cryptocurrency could continue to face hurdles.
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Despite the technical weakness, Pump.fun’s network activity offers some encouragement. Active addresses saw a sharp rise at the beginning of the month, although growth has stalled since then. Importantly, the number of participants has not declined, showing stability in investor engagement.
This resilience suggests that while price action is negative, users remain committed to network activity. Consistent participation can provide the foundation for price support and eventual recovery, even as short-term market signals remain bearish.
PUMP Price Needs To Secure Support
At the time of writing, PUMP price is trading at $0.0052 after a 7% daily decline. The token holds just above the critical $0.0047 support while facing resistance at $0.0056.
The conflicting indicators suggest consolidation could dominate the coming sessions. PUMP may trade rangebound between $0.0056 and $0.0047 as bearish momentum collides with resilient participation from investors.
If buyers overpower the broader market weakness, PUMP price could reclaim $0.0056 as support. This shift may allow the altcoin to target the $0.0062 barrier, providing a chance to invalidate the short-term bearish outlook and restore confidence among holders.
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