• Pump.fun (PUMP) experiences a 44.7% weekly decline despite rising volume.
• Technical indicators reflect weak buyer interest and stiff resistance ahead.
• Derivatives data signals possible deleveraging with $0.00340 resistance in focus.

Pump.fun (PUMP), one of the most speculative meme coins of this cycle, has entered a strong downward trend despite increased trading volumes. PUMP is currently trading at $0.003059.

PUMP has experienced a 24-hour decrease of 18.33% along with a staggering 44.7% decrease on a week-to-week basis. Its market cap currently stands at $1.08 billion, while 24-hour trade volumes jumped to a staggering $971.89 million with a strong 75.25% increase in trading activity.

This gap between falling prices and rising volume highlights a volatile time for the token, with active interest from investors being met by bearish market sentiments.

Although most expected that hype surrounding the meme coin to continue along its path, current behavior points toward a potential lack of momentum with bears dominating order books.

Also Read: Pump.fun (PUMP) Price Prediction: Wyckoff Pattern Hints at $0.0060 Breakout

Pump Technical Indicators Hint at Weak Recovery Attempts

From a technical perspective, PUMP’s near-term chart presents a classic oversold pattern with weak bullish attempts.

On the 30-minute TradingView chart, the Relative Strength Index (RSI) has increased slightly to 40.73 and stays below the 50-neutral level, suggesting further selling with modest re-entry by buyers.

The MACD has created a weak bullish crossover, indicating possible relief bounce initiation, but a lack of strong momentum continues to put a damper on bullish exuberance.

Bollinger Bands show that the price recently fell below the lower band, touched a low below significant levels of support, and has rejoined the band’s range. This usually signals short-term exhaustion in the selloff, but not necessarily a reversal.

The level of resistance now is stacked in the range of $0.00329-$0.00340, while that of support remains near $0.00294. A lack of a move back to higher ground may continue to cap the price or lead to further consolidation.

Open Interest Falls as Volume Rapidly Surges

On derivatives, it is a patchy picture. While combined trading volume surged by 113.98% to $2.30 billion, Open Interest (OI) collapsed by 18.33%, trading now at $453.93 million.

This means that traders are active but closing out or getting liquidated out of their positions, a fear or profit-taking response with surging volatility. OI-weighted funding remains at 0.580%, showing longs still in charge but getting expensive for a hold.

This combination of decreasing OI, rising volume, and positive funding is a common characteristic of a deleveraging process.

It signals that the market moves into a speculative mode with active rotations when traders frequently switch their positions without much conviction. It is getting close to a critical point for the token.

On high volumes, bear action continues. Technicals show small indicators of a comeback, but without confirmation from volumes as well as trends in open interests, any upturn could be fleeting.

Unless bulls regain control again with prices higher than key levels of resistance, the token could continue a decline or transition into a highly volatile sideways trade.

Also Read: PUMP Token Crash: Price Dips Below Presale at $0.00406