Key Points
- PUMP has seen a 1.1% increase over the past 24 hours, outpacing the broader cryptocurrency market.
- The recent rally follows Pump.fun’s launch of a new feature allowing creators to share trending coins on the platform.
PUMP Price Climbs as DEX Volume Increases
PUMP, the native token of the Pump.fun decentralized exchange (DEX), has risen by 1% in the last 24 hours, outperforming the overall cryptocurrency market.
This positive performance comes after Pump.fun introduced a new staging feature on Thursday that enables creators to share listed coins with their followers. This development is likely to boost social interest and trading activity on the platform.
Concurrently, Pump.fun’s DEX volume has surged, reaching $84.34 million just hours ago.
Additionally, derivative data indicates fluctuating interest from retail investors in PUMP, as capital flows and funding rates have varied over the past week. According to CoinGlass, the Open Interest (OI) for PUMP decreased by 2% in the past 24 hours to $237.69 million, marking a $250 million retraction twice this month.
Moreover, the weighted funding rate in OI stands at -0.0032%, dipping into negative territory, suggesting that traders are holding more short positions.
PUMP Eyes Psychological Level of $0.0033
The PUMP/USD 4-hour chart is bullish and efficient, with the cryptocurrency performing well since the beginning of the week. PUMP is currently trading at $0.0029 after facing rejection in the last two sessions.
The Moving Average Convergence Divergence (MACD) remains above the signal line and in positive territory. The Relative Strength Index (RSI) at 60 is climbing towards the overbought zone, in line with this week’s recovery.
If the daily candle closes above $0.003000, it would maintain a bullish short-term bias and push PUMP’s price toward $0.0033. The next significant resistance level is at $0.004048.
However, if bulls fail and PUMP falls below the 20-day Exponential Moving Average (EMA) at $0.002577, it could approach the support level of $0.002330.
John is a seasoned journalist at The Bothside News, specializing in balanced reporting across news, sports, business, and lifestyle. He believes in presenting multiple perspectives to help readers form informed opinions. His work embodies the publication’s philosophy that truth emerges from examining all sides of every story.
