Pump.fun's Utility Token PUMP Faces Another Downturn

Pump.fun's utility token PUMP has been experiencing a significant downturn after its recent price bounce. Following a major unlock of tokens earlier this month, the altcoin had seen a brief rally to $0.002, but this was short-lived.

According to technical analysis, the bearish pressure on PUMP is likely to persist, with new local lows below $0.00156 anticipated. This prediction is based on the token's downward impulse move from March and early April, which saw a retracement earlier in the month.

The Moving Averages and MACD indicators are also showing momentum turning bearish, suggesting that traders should be prepared for another 9%-18% price drop in the coming weeks. However, it is worth noting that the token's long-term support level at $0.0017 could potentially stall downward momentum.