Pump.fun has turned downward from a key resistance trendline, showing losses of over 10% in the last 24 hours.

Ethena continues to break down from its support trendline, with sellers targeting the $0.3459 level.

Pump.fun $PUMP Virtuals Protocol and Ethena $ENA are leading the decline while the broader cryptocurrency market struggles.

The PUMP, and ENA tokens are nearing important support levels, but the widespread fear, uncertainty, and doubt (FUD) may lead to further losses.

Pump.fun’s declining trend tests key support.

The price of Pump.fun’s PUMP token has dropped nearly 1% on Friday, adding to the previous day’s 15% losses.

The launchpad token could not break through the R1 Pivot Point at $0.005275 or the local resistance trendline formed between the September 14 and October 3 peaks on the 4-hour chart.

The key support levels during this pullback are the S1 and S2 Pivot Points at $0.003864 and $0.002933, respectively.

The momentum indicators on the 4-hour chart remain bearish as the Moving Average Convergence Divergence (MACD) trends downward with its signal line, indicating increased supply pressure.

Moreover, the Relative Strength Index (RSI) sits at 43 on this chart, suggesting more room for downward movement before hitting the overbought zone.

The daily chart indicators add to the downside risk, showing a fall in buying pressure. The MACD is nearing its signal line, indicating a potential bearish crossover, while the RSI has slipped to 59 from the overbought zone.

On the other hand, a recovery could retest the $1.6898 resistance, with the $1.9675 level as a potential breakout target.

Ethena’s key support is at risk. Ethena is trading below the $0.4000 mark on Friday after four days of consecutive losses.

The drop in ENA from the $0.5343 resistance breached a local support trendline and is now testing the S2 Pivot Point at $0.3823, as FXStreet had expected.

If the synthetic dollar token cannot hold above this level, it may extend the correction to $0.3459, the low from October 12, followed by the S4 Pivot Point at $0.3102.

From a technical perspective, selling pressure on the 4-hour timeframe has reached extreme levels.

The RSI is at 25, indicating oversold conditions, while the MACD and its signal line are falling into negative territory.