Key takeaways
- PUMP is up 1.1% in the last 24 hours, outperforming the broader crypto market.
- The recent rally comes after Pump.fun launched a new callout in the previous feature that lets creators share trending coins on the platform.
Pump.fun’s DEX volume surges as price approaches $0.003
PUMP, the native coin of the Pump.fun DEX is up 1% in the last 24 hours, outperforming the broader crypto market.
The positive performance comes after Pump.fun released a callout feature on Thursday for creators to share listed coins with their followers. This latest development could boost the social interest and trading activity on the platform.
The release also comes when Pump.fun’s DEX volume is on the rise, hitting $84.34 million a few hours ago.
In addition to that, derivatives data indicate wavering retail interest in PUMP as capital flow and funding rates see-saw over the last week. According to CoinGlass, PUMP’s Open Interest (OI) is down 2% in the previous 24 hours to $237.69 million, pulled from $250 million twice so far this month.
Furthermore, the OI-weighted funding rate is at -0.0032%, pulling into the negative territory, suggesting that traders are holding more short positions.
PUMP eyes the $0.0033 psychological level
The PUMP/USD 4H Chart is bullish and efficient as the cryptocurrency has performed excellently since the start of the week. PUMP is trading at $0.0029 after facing rejection in the last two sessions.
The Moving Average Convergence Divergence (MACD) remains above the signal line and in positive territory. The Relative Strength Index (RSI) at 60 rises toward the overbought zone, consistent with this week’s recovery.
If the daily candle closes above $0.003000, it would keep the near-term bias supported and push PUMP’s price towards $0.0033. The next major resistance level stands at $0.004048
However, if the bulls fail and PUMP drops below the 20-day EMA at $0.002577, it could dip further towards the $0.002330 support level.
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