Pump.fun Gains Momentum as Crypto Market Improves
Pump.fun (PUMP) is showing strong growth, rising over 13% to $0.0067 on Wednesday. The token hit a record high of $0.0089 on September 14. After that, it dropped to about $0.0048 due to profit-taking and weak market sentiment. This dip reflected broader negative trends in the crypto market.
Pump.fun Revenue and Trading Volume Increase
September saw a drop in Pump.fun’s revenue, falling 69% from $2.44 million on September 15 to $753,000 last Sunday. This decline matched a general bearish trend in crypto during the month. However, as market sentiment improved, Pump.fun’s revenue rose again to $1.33 million by Monday.
Trading volume on Pump.fun’s decentralized exchange (DEX) also grew. It increased from $57 million in early September to $102 million by Tuesday. The platform uses its revenue to buy back tokens, so rising revenue could boost buybacks and support price gains.
Technical Analysis Shows Bullish Signs for PUMP
PUMP is holding above $0.0067 after reaching $0.0069 earlier. The Relative Strength Index (RSI) is nearing overbought levels, indicating strong buying interest but also caution for possible pullbacks. The Moving Average Convergence Divergence (MACD) shows a buy signal, supporting continued upward momentum.
A move above $0.0070 could encourage more traders to buy, aiming for the previous high of $0.0089. Key support levels include the 100-period EMA at $0.0058, the 50-period EMA at $0.0057, and the 200-day EMA at $0.0055. These may help stabilize the price if it falls.
