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The Pump.fun price plummeted 16% in the last 24 hours to trade at $0.005326 as of 11:28 p.m. EST as investors dump their holdings in the meme coin on the market.
With the recent loss suffered by the PUMP price, the crypto has emerged as the biggest 24-hour loser on CoinMarketCap.
Pump.fun Price Forms A Bearish Channel, Will It Keep Dropping?
1-hour chart for PUMP/USD (Source: GeckoTerminal)
The Pump.fun price has been in a strong negative sequence over the past few days following its public sale that sold out in 12 minutes and raised $600 million. The recent selloff has resulted in the formation of a negative price channel, data from GeckoTerminal shows.
Should the Pump.fun price continue to trade within the negative range for the next 48 hours, it might end up testing the nearest support level at $0.005228. Falling below this technical safety net could then result in a plunge to as low as $0.004878 in the short term.
That bearish move might not play out if enough traders identify the current Pump.fun price as a buy opportunity. In this more bullish scenario, PUMP could break out above the descending price channel, which is currently confluent with the $0.005577 resistance level. Thereafter, continued buy volumes could boost the Pump.fun price to $0.005970.
Bears Maintain Control Of The Pump.fun Price Amid Oversold Conditions
From a technical perspective, it appears bears show no intention of easing their pressure on the Pump.fun price. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) warn of a continued drop for PUMP.
That’s as the MACD line is positioned bearishly below the MACD Signal line. The gap between these two technical indicators has remained stable for the last few days, which suggests PUMP’s momentum is in a bearish free fall.
RSI readings have also plunged from above 80 to just above the oversold threshold at 30. As such, sellers seem to be in complete control. However, the near-oversold conditions might prompt traders to buy in, given the altcoin’s upside potential appears to be greater than its downside potential.
Before that happens, traders might wait for signs that PUMP’s bearish momentum is cooling before acting on the signal to avoid any potential bullish fakeout.
With the Pump.fun price stuck in a bearish channel, investors are turning their attention to Snorter Token (SNORT). According to 99Bitcoins, an influential crypto channel on YouTube with over 723K subscribers, SNORT could soar 10X on launch.
Snorter Token Helps Traders Find New Gems In The Market
Snorter Token introduces the quickest and most cost-effective trading bot on the market. With the Snorter bot, investors can snipe new tokens as they launch, perform sub-second swaps to capitalize on the opportunities, as well as copy the actions of other top traders. All of this can be done from the Telegram messaging app.
While trading new tokens can be risky, Snorter bot users can trade with peace of mind because the bot comes with advanced rug pull and honey pot scam detection. So far, it has shown an 85% success rate in protecting users’ funds from potential scam projects.
All of those features come with some of the lowest fees in the market as well. By just holding SNORT tokens, users slash their fees from 1.5% to 0.85%.
Initially, the bot will function on the Solana chain, which has been the network of choice for meme coin developers. This will enable users to automatically snipe new tokens on platforms such as Pump.fun and Raydium.
In the coming weeks, the team also plans to expand the bot’s functionality to blockchains that are compatible with the Ethereum Virtual Machine (EVM). As such, there won’t be many opportunities that slip by the Snorter bot undetected.
SNORT Presale Closes On $2 Million
Investors are already piling into Snorter Token’s ongoing presale, which has raised over $1.95 million so far. With the bullish predictions by 99Bitcoins and other experts, combined with the bot’s functionality and low fees, it’s no surprise a buying frenzy has erupted around the project’s token at this early stage.
Investors that want to participate in the ICO can acquire SNORT via the simple widget embedded on the project’s website. Selling for $0.0983, SNORT can be bought with both crypto or bank card.
Once purchased, tokens can also be put to work through the project’s presale staking pool, which offers a generous 201% APY.
Interested investors will want to hurry, because SNORT’s price will increase as its presale progresses. The next price hike is scheduled to take place in just over 6 hours.
Check out SNORT on its official website.
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