The PUMP token continues to bleed post-ICO| Veronica Cestari
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Key Takeaways
After a 69% plunge from its ICO, PUMP is under heavy selling pressure.
The funding rate hints at lingering bullish leverage that could backfire
If sellers continue to dominate, PUMP’s price could chart new lows.
Since its ICO on July 12, Pump.fun (PUMP) caught many early buyers off guard and has suffered a steep 69% price crash. This drop has left the token in oversold territory, yet the market has shown little enthusiasm for a rebound.
Currently, buy-the-dip sentiment remains virtually absent, with minimal demand visible. If the market condition remains the same, here is what it means for the PUMP token price.
PUMP Selling Pressure Dominates Chart
At launch, PUMP’s ICO price was $0.0056. Later on, it surged to $0.0068.
However, its market value has slipped to an all-time low of $0.0037 today. This modest yet telling decline reflects the intense selling pressure that followed the initial token distribution.
From a technical standpoint, the daily chart shows a clear imbalance in favor of sellers, with bears outweighing bulls since the ICO. This observation is supported by the Bull Bear Power (BBP) indicator, which measures the strength of buying (bullish) versus selling (bearish) pressure.
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While a positive BBP reading suggests bullish control and potential price increases, the current chart tells a different story.
As of this writing, the BBP prints larger red histogram bars in negative territory, signaling persistent bearish dominance. Should this trend continue, the PUMP token price might trade lower unless demand increases.
From an on-chain perspective, Santiment data reveals that the funding rate for PUMP is currently positive.
A positive funding rate means traders holding long positions are paying a fee to short-sellers, indicating that bullish sentiment still lingers despite recent PUMP’s price weakness.
However, it is essential to note that a persistently positive funding rate without strong spot demand can lead to overleveraging. Since the PUMP token price has yet to bounce, longs risk facing liquidation, which could also remain bearish for the meme coin.
Regarding the short-term forecast, CCN examined the 1-hour chart. From our analysis, the Relative Strength Index (RSI) has dropped to the oversold region and bounced above 30.00.
Still, the red segment of the Supertrend indicator is above the PUMP token price, indicating that the memecoin faces tough resistance ahead.
Should this remain, PUMP might struggle to break out toward $0.0044. Instead, the cryptocurrency’s value might slide below $0.0035, setting a new record low.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
