Pumpfun is currently exhibiting a Falling Wedge pattern on its 4-hour chart, a formation that traders often interpret as a bullish indicator. This development hints at a possible reversal of its recent downtrend, paving the way for upward price movement, and the publication demonstrates positive momentum in the developments.
Resistance at Upper Trendline
The Falling Wedge pattern indicates that Pumpfun has encountered resistance at the upper trendline of the wedge, leading to a recent rejection. However, the cryptocurrency has found robust support around the $0.0004841 level, which has facilitated a rebound in price.
Potential Breakout and Market Sentiment
Market analysts are closely watching for a potential breakout above the wedge's resistance. If Pumpfun can successfully reclaim the 200-day moving average, it may solidify a bullish trend and propel the price towards its next significant target. Traders are advised to monitor these key levels as they could signal a shift in market sentiment.
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