Is a Breakdown Below $0.0020 on the Charts?

• Pump.fun is hovering around the $0.0023 level.
• PUMP’s indicators are flashing bearish sentiment.

With the red lights flashing across the crypto assets, the recovery attempts are slowing down. The price movements are losing momentum and failing to find the green zone. The broader crypto market cap is resting around $2.58 trillion after losing 2.81%. Bitcoin (BTC) and Ethereum (ETH), the largest assets, are trading at $76.2K and $2.2K. 

Meanwhile, Pump.fun (PUMP) has posted a 3.78% drop in the last 24 hours. In the morning hours, the asset was positioned at a bottom of $0.00229, and with the midday trading, a brief bullish turn has driven the PUMP price toward a high of $0.002575. At press time, it traded at $0.002361, with its trading volume reaching $243.62 million. 

With the bearish sentiment, the Pump.fun price might slip toward the key support at the $0.002350 range. If the death cross is taking place, the downside correction could strengthen, and likely the bears lead the asset’s price action down, below $0.002339. 

On the flip side, assuming the bulls appear, the PUMP price could rise to its immediate resistance at around $0.002372. Upon the upside pressure gains more power, it initiates the golden cross to unfold, and the bulls would take the price above $0.002383.

Technical Outlook Weakens for Pump.fun Amid Bearish Signals

The Moving Average Convergence Divergence (MACD) and signal lines of Pump.fun are below the zero line, pointing to bearish momentum. Price remains below the longer-term average. Unless the lines start turning above the zero line, the downside pressure will persist. 

In addition, the Chaikin Money Flow (CMF) indicator of PUMP at 0.02 hints at very weak buying pressure. Significantly, the money flow is slightly positive, but it is not strong enough to confirm accumulation. This likely shows indecision in the market.

Pump.fun’s daily Relative Strength Index (RSI) is found at 38.40 signals bearish sentiment, and it is approaching the oversold zone. If the value stabilises or turns upward from this level, it could witness a short-term relief bounce. 

Furthermore, the Bull-Bear Power (BBP) reading of PUMP staying at -0.000108 exhibits slight bearish pressure, but it is weak. The momentum is nearly flat, suggesting market indecision, and this appears near the consolidation phase or briefly before a potential shift in direction.

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