The utility token of the Pump.fun [PUMP] coin launch platform, PUMP, has maintained its bearish trend since early February. The past three weeks were bullish for Bitcoin [BTC] and some altcoins in the lower timeframes, but not for PUMP.
On Monday, 23 March, the altcoin bounced by almost 6.4% at its peak. However, it has since receded below the $0.0018-mark.
Technical analysis showed that the altcoin might suffer another 5.5% drop this week.
Bearish PUMP price action could see the local support retested
The altcoin declined by 16.8% over the past week. While its price trends mirrored Bitcoin’s, the upside magnitude was capped by less intense demand. This was seen on the OBV.
Though the volume indicator has slowly trended higher, it has not yet reached January’s highs. At the same time, the $0.0022 bearish breaker block (red) has also been an important supply zone.
A breakout above the $0.00220-$0.00235 zone is needed to flip the trend bullishly on the 1-day timeframe. At the time of writing, it did not appear likely that PUMP would rally to these levels this week.
The Awesome Oscillator was still below the zero line, despite Bitcoin’s move back above $70k on Monday. Moreover, the trading volume has been falling over the past ten days.
Traders will want to see increasing buying volume and a lower timeframe bullish momentum shift before they prepare for a move towards the $0.0022 supply zone.
Traders’ call to action – Wait for these triggers!
A lower timeframe buying opportunity has not presented itself yet. The structure has remained bearish, though the OBV reflected some demand in the last 24 hours.
Meanwhile, the 1-day chart highlighted the importance of the $0.0017-level, which has been unbroken since December 2025. A retest of this level could offer a buying opportunity despite the trend.
On the other hand, a PUMP price move above $0.00187 and $0.00192 would reflect a lower timeframe structural shift. This could be followed by a rally to $0.0022-$0.00235.
Final Summary
- PUMP exhibited a bearish trend across the daily and 2-hour timeframes.
- A retest of the three-month support at $0.0017 or a move above $0.00192 would be the trigger for bulls to keep an eye on.
Source: https://ambcrypto.com/pump-bulls-need-to-wait-for-these-specific-triggers-before-looking-to-buy/