$PUMP Analysis : Pump.fun Extends Downtrend
Pump.fun (PUMP) continued to face selling pressure, falling approximately 2% in Friday's trading session, marking a six-session losing streak. This launchpad token on the Solana platform is currently approaching the psychological level of $0.001800, as bears focus on the short-term low of $0.001496 on October 10th.
In a negative scenario, if PUMP loses the $0.001496 support zone, the downtrend could accelerate and push the price further down to the crucial psychological level of $0.001000.
Technical indicators on the daily timeframe continue to reinforce the negative outlook. The Relative Strength Index (RSI) is currently at 26, deep in oversold territory, indicating that selling pressure remains dominant. Simultaneously, the MACD has confirmed a bearish signal by crossing below the signal line and remaining in negative territory since the beginning of the week.
Conversely, any recovery attempts by the PUMP are likely to encounter significant resistance at the $0.002000 mark before heading towards stronger resistance at the November 21st low around $0.002492.
