Pump.fun Boosts Daily Buybacks to $990K While PUMP Faces Sharp Market Correction
- Pump.fun executed $990K in daily buybacks, totaling $185.1 million in accumulated PUMP token purchases.
- PUMP price dropped 7.15%, falling below key support and breaking the head-and-shoulders pattern.
- Technical indicators show bearish momentum, with RSI at 44.38 and MACD remaining negative.
Pump.fun (PUMP) is under pressure, even though the platform has been conducting its aggressive buybacks. Analysts highlighted the important support level breakdown, which validated a bearish formation to project further losses. This happened as expected, resulting in profits for the projection result.
At the time of writing, PUMP is trading at $0.002675, with a 24-hour trading volume of $310.96 million and a market cap of $946.06 million. Over the last 24 hours, the token has fallen 7.15%, extending its recent downward trend.
Pump.fun Buybacks Hit $185 Million
The latest information provided by Pump Fun News reveals that PUMP bought $990,830 worth of PUMP tokens in one day, which is 98.5% of last day’s revenue. This additional token purchase has raised the total PUMP tokens bought by pumps.fun to $185,137,369.
PUMP Falls After Key Breakdown
Amidst this action, well-known crypto analyst CryptoPulse highlighted that their previous prediction for PUMP has shown to be almost flawlessly correct. It was stated that PUMP had dropped below a significant level of support and also gone out of the head-shoulders formation, implying it would continue to decline.
As per CryptoPulse, “the market followed as expected – PUMP dropped 20% to give our configuration a profitable result.” The analyst called it “another big win for our trading model.”
As pump.fun remains active with its massive buyback, analysts are closely monitoring technicals, and it will also be interesting to see whether PUMP can find support or whether selling pressures in the market continue.
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Pump.fun Weak Momentum Ahead
The RSI is at 44.38, showing mild bearish pressure since it is below 50. The price is also below the MA Ribbon, with the nearest level of the ribbon, 0.00431, serving as a resistance level. Hence, it could be seen that the buying pressure is losing steam, and the overall market is drifting towards the bearish direction.
The MACD remains bearish as its line moves further below the signal line. Momentum Loss accelerates, as indicated by the continued negative histogram, showing reduced support for upward movement on pump.fun. This indicates that pump.fun can continue to experience downward pressures unless support emerges shortly.
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