Steady Buying Pressure Lifts PUMP

Readings from PUMP’s one-day chart show that it has trended within an ascending parallel channel since August 29. This channel emerges when price consistently makes higher highs and higher lows within two parallel trendlines.

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It reflects a PUMP market dominated by steady buying pressure, with traders willing to accumulate at higher levels while sellers are gradually pushed out.

Technical indicators further strengthen this outlook. On the daily chart, PUMP trades above its Parabolic Stop and Reverse (SAR), a sign that demand continues to outweigh selling pressure.

The Parabolic SAR indicator identifies an asset’s potential trend direction and reversals. When its dots are placed below the price, the market is in an upward trend. It indicates the asset’s price is rising, and the rally may continue.

Also, PUMP’s Smart Money Index (SMI) is trending higher, showing strong backing from key holders. Currently, it stands at a two-month high of 1.0005.