Pump.fun (PUMP), Pudgy Penguins (PENGU), and Hyperliquid (HYPE) continue to plunge amid a sell-off wave that shows no signs of easing. All three cryptocurrencies have recorded double-digit declines over the past week, reflecting the increasingly cautious sentiment in the market ahead of a prolonged weakening trend.
Notably, although the U.S. Consumer Price Index (CPI) in November unexpectedly fell to 2.7% — significantly lower than the forecast of 3.1% — thus creating upward momentum for the stock market, the cryptocurrency market still appears to be lagging and has not been able to regain its recovery. Pressure has become even heavier after the Bank of Japan (BoJ) announced an interest rate hike on Friday.
From a technical perspective, the outlook for PUMP, PENGU, and HYPE still distinctly leans towards a downward trend, with key support zones becoming focal points for investor monitoring in the short term.
Pump.fun extends the losing streak
Pump.fun (PUMP) continues to face selling pressure as it drops about 2% in trading on Friday, marking a streak of six consecutive sessions of decline. This token launchpad on the Solana platform is currently nearing the psychological threshold of 0.001800 USD, amid bears focusing on the short-term bottom on October 10 at 0.001496 USD.
In a negative scenario, if PUMP loses the support zone of 0.001496 USD, the downtrend could accelerate and pull the price deeper towards the important psychological mark of 0.001000 USD.
Technical indicators on the daily timeframe continue to reinforce a negative outlook. The Relative Strength Index (RSI) is currently at 26, deep in the oversold zone, indicating that selling pressure is still dominant. At the same time, the MACD indicator has confirmed a bearish signal after crossing below the signal line and has remained in negative territory since the beginning of the week.
On the contrary, every recovery effort of PUMP is likely to face significant resistance at the 0.002000 USD mark, before aiming for stronger resistance at the bottom of November 21 around 0.002492 USD.
Pudgy Penguins plunges, risk of deeper decline
Pudgy Penguins is trading below the important psychological threshold of 0.001000 USD, recording a decrease of about 17% since the beginning of the week. In trading on Friday, PENGU continued to weaken by nearly 2%, approaching the support zone of 0.007737 USD — coinciding with the bottom established on June 22.
Losing this support zone could open up more room for deeper declines, bringing the price back to test the bottom on October 10 at 0.005778 USD.
Technical indicators continue to strongly lean towards a negative scenario. The RSI is at 31 and still on a downward trend, reflecting increasing selling pressure and the risk of falling into the oversold zone. At the same time, the MACD indicator maintains a sell signal after forming a bearish crossover on Thursday.
To stop the decline and initiate a sustainable recovery phase, PENGU needs to quickly regain the mark of 0.001000 USD and confirm this price zone as a new support.
Hyperliquid holds steady above the 22 USD mark amid selling pressure
Hyperliquid temporarily holds above the 22.00 USD mark in trading on Friday, after a nearly 8% plunge in the previous session — thus recording five consecutive sessions of decline. However, the token of this perpetual contract trading platform still faces the risk of continued weakening, as the support zone around the bottom on October 10 at 22.82 USD is being severely tested.
In the event that HYPE loses this key support zone, selling pressure could pull the price deeper to the mark of 17.05 USD — corresponding to the bottom established on February 17.
Technical indicators still clearly lean towards a negative scenario. The Relative Strength Index (RSI) is at 25, deep in the oversold zone. Although the RSI approaching the 20 threshold sometimes opens up the possibility of a technical rebound, so far, confirming reversal signals have not formed. At the same time, the MACD line and the signal line of the MACD indicator continue to widen in the negative territory, reflecting that bearish momentum is still increasing.
On the contrary, if a recovery occurs, the important resistance zone that HYPE needs to conquer lies at the bottom of November 22, around the mark of 29.37 USD.