[Market Focus｜BTC and ETH are powering up, PUMP welcomes a rebound opportunity🚀]
In the past 24 hours, the entire crypto market has been ignited by the strong performance of Bitcoin (BTC) and Ethereum (ETH)🔥.
The rise of these two giants has not only boosted market confidence but also driven a positive rebound in many altcoins, among which the Pump.fun (PUMP) token stands out, successfully breaking through the key short-term resistance level of $0.003, with an expected rise of about 20%.
Looking back at recent market trends, PUMP reached a high of $0.00689 on July 15, followed by a significant adjustment. In the next ten days, PUMP's price dropped by 66.58%, briefly falling to $0.0023, an astonishing decline that caused many investors to sweat💦.
After this wave of 'washing out', the market has entered a consolidation phase, with prices showing a neutral trend in lower time frames, and buying power has yet to significantly strengthen, making the market somewhat indecisive.
However, on July 31, PUMP successfully broke through the important resistance of $0.003, releasing a positive signal for a rebound, which has filled the market with expectations for subsequent rises.
At the same time, Bitcoin also rebounded strongly near the support level of $116,700. On July 30, Bitcoin had briefly dipped to $115,800, and then quickly rebounded, showing that buyers are actively positioning at critical price levels.
Ethereum has received effective support at the local support level of $3,700, subsequently rising by 1.47%, also showing remarkable resilience.
The strong performance of Bitcoin and Ethereum has not only stabilized market sentiment but also injected more vitality into altcoins, including PUMP.
The market generally expects that, driven by mainstream coins, PUMP is likely to see an increase of nearly 20%, and the next trend is worth watching.
Of course, investing carries risks, and market fluctuations are inevitable. Although the bullish momentum is evident now, investors should remain cautious, reasonably control their positions, and avoid blindly chasing after increases.
Overall, the 'pillar' role of BTC and ETH is becoming evident, leading to a warming of the entire crypto market. Although PUMP's rebound has just begun, with the support of mainstream coins, it is expected to deliver good performance.
In the coming days, whether it can hold the $0.003 level and continue to attract buying will be key to observing whether this rebound can continue. Investors might as well closely monitor market changes, seize opportunities, and move forward steadily!
[PUMP Technical Analysis｜Bullish signals on the 2-hour chart, strong rebound momentum💥]
In recent days, Pump.fun (PUMP) has exhibited a clear bullish market structure on the 2-hour candlestick chart📈.
In the past week, PUMP's price has oscillated between $0.00245 and $0.003, but as of the time of writing, PUMP has surged by 30%, successfully breaking through the previous range high of $0.003, igniting market expectations🔥.
Interestingly, the current price seems to be conducting a 'pullback test' on the demand zone of $0.003🔄. This is an important observation point for traders—if PUMP can stabilize in the key range of $0.0029 to $0.003, it could likely provide a good buying opportunity🛒.
However, it should be reminded that this wave of trading is more based on short-term technicals, and investors might focus on price trends rather than the fundamental dynamics of the project.
Technical indicators have also given positive signals. The On-Balance Volume (OBV) has reached new highs, indicating that buying pressure continues to flow in.
The Relative Strength Index (RSI) also shows strong performance, highlighting the continuation of bullish momentum💪. The combination of these indicators has enhanced market confidence in PUMP's short-term price increase.
In the coming days, prices are expected to challenge the fair value gap of $0.0036 and the resistance level of $0.00378🎯.
If it can break through these key resistances, PUMP's rebound potential will further open up, bringing more opportunities for investors.
Of course, any market trend carries risks, and investors need to manage their positions well when following up, reasonably set stop-losses, and avoid unnecessary losses due to market fluctuations⚠️.
Overall, PUMP's technical performance in the short term is promising; if it can hold the critical demand zone of $0.003, it may open the curtain for a new round of upward movement.
The price performance in the coming days is worth close attention; whoever can seize the opportunity may reap significant rewards!🚀#pump
