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.

The post PUMP eyes $0.0033 on release of creator-focused callout feature appeared first on CoinJournal.

Key takeaways

• PUMP is up 30% in the last seven days as the crypto market rebounds from the December lows. 
• The Pump.fun native token could surge higher in the near term amid growing DEX volumes. 

Memecoin demand pushes PUMP above $0.02

PUMP, the native token of the Pump.fun, is up by 30% in the last seven days, making it one of the top performers among the leading 100 cryptocurrencies by market cap. The rally comes amid growing demand for memecoins.

The rally also resulted in Pump.fun’s DEX volume hitting $1.28 billion on Monday, up from the $805 million recorded on Sunday. 

The token has appreciated in recent days thanks to meme coin-driven trading activity in several ways, including token buybacks that depend on revenue generated. The DEX allocates nearly 100% of revenue to the token buyback program, which is expected to build long-term value for PUMP. 

Furthermore, retail interest in PUMP has increased in recent days. According to CoinGlass, PUMP’s futures Open Interest (OI) averaged $231 million on Tuesday, up from approximately $207 million on Monday and $150 million on last Thursday. This suggests that traders are confident PUMP has the potential to sustain a short-term recovery.

PUMP eyes recovery above $0.0032

The PUMP/USD 4-hour chart is bullish and efficient as the token has added 30% to its value in the last seven days. At press time, PUMP is trading above $0.0023 and could rally higher in the near term.

The Moving Average Convergence Divergence (MACD) indicator on the 4-hour chart supports a bullish bias. The RSI also reads 61 and is heading into the overbought region if the bullish trend continues. 

If the bulls remain in control, PUMP could rally towards the 50-day Exponential Moving Average (EMA) at $0.002992 to ascertain its recovery potential and encourage traders to increase exposure. The next major resistance level stands above the 100-day EMA at $0.0032.

However, if the bears regain control, PUMP could undergo a slight correction towards the $0.0020 psychological level.

The post PUMP eyes rally as DEX volume surges: Check forecast appeared first on CoinJournal.