What to know:
- Pump.fun (PUMP) Price holds key support, fueling potential 2,000% altseason rally expectations ahead.
- A breakout above $0.002251 could trigger stronger bullish momentum and higher price targets.
- MACD and Bollinger Bands signal improving momentum after recent recovery from lows.
PUMP Price seems to attract investors’ attention as it keeps growing every day, even though there are some positive technical signals regarding its increasing momentum. With the rise in demand, Crypto Patel, a crypto analyst, thinks that PUMP Price may be ready for a major move next season.
At the time of writing, PUMP is trading at $0.001620, up 6.87% over the last 24 hours. The token has recorded around $109.72 million in daily trading volume, while its market capitalization stands at approximately $658.03 million.
Also Read | Anchorage Digital Integrates Lido Finance to Expand Institutional Ethereum Staking Access
PUMP Price Eyes Major Altseason Rally
A crypto analyst, Crypto Patel, predicted on July 3, about the future of PUMP, stating that the coin has the potential to earn 2,000% returns during the next altseason, provided that the support holds out.
According to Patel, PUMP has successfully ended its lengthy correction since it spent several months in the distribution pattern. Even if the overall higher time frame trend is weak, there are some indications that buyers are making a comeback.
Crypto Patel added that PUMP is still staying above the long-term parallel channel support level, and the $0.00110-$0.00135 demand range is solid. Support retracements indicate accumulation, and a break above $0.002251 will further improve the positive technical picture.
Based on this setup, Patel expects PUMP Price to target $0.0030, $0.0052, $0.0090, $0.0155, and eventually $0.0250. If the highest target is reached, the token would deliver gains of roughly 2,000% from current levels.
The other point raised by Crypto Patel is that this continues to be a risky trade. The bullish sentiment will continue to be relevant as long as PUMP Price is trading above $0.0010. If not, it will negate the whole setup.
PUMP Price Technical Indicators Turn Positive
Signals on shorter-term charts have been getting increasingly bullish as well. PUMP had managed to move above the midline of the Bollinger Band at around $0.00144 after rising over 6% in the latest session. PUMP is currently testing the upper Bollinger Band at about $0.00163.
Meanwhile, MACD has turned out to be positive with the MACD Line being at 0.00003 while the Signal Line is at -0.00002. The histogram stands at approximately 0.00006, indicating that bullish momentum is growing after a poor performance. This could be an indication that the upward trend will be sustained.
Why PUMP Is Back on Investors’ Watchlist
The latest recovery of PUMP is amid close monitoring by investors of the imminent altcoin cycle. In previous market cycles, it was often noted that small-cap cryptos would achieve higher gains than Bitcoin once funds shifted to the altcoins.
This is why investments that demonstrate improved technical structure prior to a market recovery will be more interesting for investors.
Technical analysis may not necessarily predict future behavior; however, increased volumes, improved momentum indicators, and better chart formations may be positive signals if sustained for the coming weeks.
What Could Happen Next?
The most significant level to watch out for is $0.002251. A breakout through this level will be favorable for the bulls, as highlighted by Crypto Patel, and may lead to achieving higher targets.
On the negative side, it is crucial to preserve the current support level of $0.0010, because going below it will spoil the emerging trend and raise the probability of further price declines.
So far, PUMP Price seems to be gaining strength after its recovery from the recent lows, and whether it turns into a stronger trend will depend on further buying pressure in the crypto markets and the start of altseason this year.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read | SUI Price Prediction: Can SUI Reach $9 After Perps Launch on Yellow Pro?
Be the first to comment