Pumpfun (PUMP) is currently experiencing a critical phase as it consolidates within a descending broadening wedge on the 1-hour chart. This bullish reversal pattern often emerges during corrective downtrends, indicating potential upward momentum ahead. The publication provides the following information: the market sentiment around PUMP is shifting, which could lead to significant price movements in the near future.
Market Overview
The recent decline from the wedge's upper resistance level of approximately 0.000483 has seen PUMP drop to the lower boundary around 0.0003667. This area has historically served as dynamic support, suggesting that buyers are beginning to enter the market at this key level.
Importance of Support Zone
If bulls are to maintain the integrity of the broader pattern, it is essential for them to defend this support zone. Failure to do so could lead to further declines.
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