According to BlockBeats, on July 22, trader Eugene Ng Ah Sio posted on his personal channel, "It has been sideways in the 0.004 range for too long and has not broken through to the upside. My trading logic has failed. Cut the position and turn around and leave. Now is not the time to cling to this stagnant target."
BlockBeats previously reported that on July 19, trader Eugene said that he had recently bought some PUMP. Although the market enthusiasm when the project was launched prevented him from participating at the time (considering the high attention it received at the time), the recent wave of selling has aroused interest.
Considering the enthusiasm when the project was launched, the average entry price for most investors was probably $0.005 or higher. Now that the price has dropped to $0.004, almost everyone is in a serious loss, especially when ETH has risen 30% in a week. Holding an asset that has fallen 25% is really painful - this has triggered obvious selling behavior.
$0.004 should be an important support level, because the ICO was heavily oversubscribed when it was priced (remember how many participants complained about not being able to get a quota), so their personal bets on the current price are only temporary.
