The price of PumpFun token continues to recover, remaining within the bounds of short-term growth. The initial support level and technical indicators suggest the possibility of further rising.
Technical Analysis and Support Levels
PumpFun's price rose by 7% over the past week and is now trading around $0.0032 with a market cap of $1.13 billion. Technical analysis indicates key support and resistance levels. The 4-hour chart reveals that the price has broken above descending resistance and formed a double bottom. Key breakout levels are $0.003666 and $0.0046, while a close below $0.0022 could indicate a drop to the $0.0015 support level.
Financial Indicators of PumpFun
According to the latest report from Cryptogics, PumpFun ranks sixth among the top 15 protocols with total revenue of $15.3 million. Compared to other projects, such as Tether and Circle, PumpFun shows significant activity with 1.9 million monthly active addresses. Despite no TVL data being reported, the trading volume of the token stands at $41.6 billion, indicating high user engagement.
Trading Volume and Market Interest Analysis
Data on PumpFun derivatives indicates a growing interest from traders, with a 24-hour volume of $1.65 billion. The long/short ratio is approaching neutral, indicating balanced sentiment among traders. Given the recent liquidations, high volatility might trigger further market fluctuations.
The price of PumpFun continues to show a confident rise amidst positive technical indicators and market activity. Despite some fluctuations, the high trading volume and investor interest support optimistic forecasts for the token.
