The memecoin Pump.fun (PUMP) has seen a 7.9% price increase alongside a 9.61% rise in daily trading volume. Despite breaking a two-week trendline resistance, its longer-term price structure remains bearish. The token is currently testing a critical support level at $0.0017, with technical indicators suggesting indecision among traders.
The token for the popular memecoin creation platform Pump.fun rallied 7.9% in the past 24 hours. Its daily trading volume also increased by 9.61%, according to data from CoinMarketCap.
This move followed a reported reversal signal and the breach of a two-week trendline resistance. Aggressive accumulation was also signaled by spot outflows during this period.
However, the longer-term price action has retained a bearish swing structure. The key question is whether PUMP bulls can successfully defend the $0.0017 support level once again.
Since December, PUMP has oscillated between $0.0017 and $0.0034. The bearish bias was confirmed on February 5th when the $0.00225 higher low was breached.
The On-Balance Volume (OBV) indicator has been moving sideways over the past month. This shows neither bulls nor bears have gained decisive control to dictate the next trend.
On the hourly chart, the token has recently traded in a range between $0.00170 and $0.00197. “The most accurate answer would be ‘hunt down liquidity,'” the analysis stated regarding its short-term direction.
A liquidation heatmap from CoinGlass showed liquidity clustered near the $0.00166-$0.00170 lows. This area could present a potential buying opportunity for traders.
The analysis concluded that genuine spot buying pressure is needed to sustain an uptrend. “If this demand does not emerge, traders should be prepared to sell into short-term PUMP strength.”
