Uptrend to $0.0060 or Will It Hit a Wall?

• Pump.fun (PUMP) is trading at around the $0.0057 zone.
• Daily trading volume has jumped by over 115%.

With the 2.22% uptick, the crypto market has witnessed a brief recovery, and the broader crypto market cap is settled at around $3.85 trillion. All the major assets have modestly swept by the green wave, pushing the price to reclaim the lost momentum. Notably, the largest assets, like Bitcoin and Ethereum, are hovering on the upside. 

Among the altcoins, Pump.fun (PUMP) has posted a surge of over 13.75% in the last 24 hours. In the early hours, the asset was trading at a bottom range of $0.004969. With the bullish pressure, PUMP has tested and broken the resistance between $0.004974 and $0.006072 zones, and the price has climbed to a high of $0.006077. 

As per CMC data, at press time, Pump.fun traded at around the $0.005703 mark. The market cap has reached $2.01 billion, and the daily trading volume has jumped by over 115%, touching $580.86 million. Moreover, the market has seen a 24-hour liquidation event worth $10.37 million of PUMP, according to Coinglass data. 

Where Do You See the Next PUMP Resistance?

Pump.fun’s Moving Average Convergence Divergence (MACD) is found just above the zero line, which indicates a slight bullish momentum. The prices may start to move upward. As the signal line is below the zero line, it shows that the overall trend is still weak or in the recovering stage. 

Besides, the Chaikin Money Flow (CMF) indicator of PUMP is positioned at 0.13, which suggests a bullish bias with buying pressure outweighing selling pressure. The strength of the value is modest — not extremely strong, and it does suggest accumulation and inflows into the asset. 

Assuming the bullish sentiment of Pump.fun strengthens, the price might move up to test the $0.005713 resistance range. With the sturdy upside correction, the asset could initiate the emergence of the golden cross, and the bulls may take the price to its recent high of the $0.005723 mark. 

If the bears entered the market, the PUMP price could instantly slip to its nearest support level at $0.005693. An extended correction on the downside might invite the death cross to unfold. Gradually, the asset’s price would fall back to its previous low at around $0.005683 or even lower.  

Additionally, the daily Relative Strength Index (RSI) value of 55.05 implies that the asset is in a neutral to slightly bullish zone. The PUMP market has upward momentum, but it is not extreme enough. Pump.fun’s Bull-Bear Power (BBP) reading stationed at 0.000522 signals a slight bullish dominance. The value is close to zero, and the market is balanced with only mild upward momentum.

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