PUMP Price Target: Can Pump.fun Hit $0.005 in September?
Key Takeaways
Pump.fun's native token, PUMP, exhibits bullish potential across multiple timeframes. A short-term price correction towards $0.0036 remains a possibility. Bitcoin's overall market strength could bolster PUMP's chances for a significant price rally.
Pump.fun [PUMP] has experienced a notable rally, increasing by 59.6% over the past ten days.
After hitting a low of $0.0023 on July 25th and holding this level as support, PUMP revisited $0.00262 around August 26th.
From there, bullish momentum strengthened, pushing the token towards establishing a bullish market structure on the 1-day chart.
A test of the $0.005 psychological resistance level appears increasingly likely in September.
Source: PUMP/USDT on TradingView
On the 1-day chart, PUMP confirms a bullish market structure if it closes above $0.00417. This session's outcome remains to be seen.
Technical indicators currently favor bullish positions. The RSI is above 60, indicating strong bullish momentum. The On Balance Volume (OBV) has surpassed its August high, suggesting consistent buying pressure.
Fibonacci retracement levels place the 50% level at $0.00459, just below the $0.00469 level from mid-July.
The convergence of these resistance levels could pose a significant challenge to PUMP bulls in the short term.
Potential for a Short-Term Pullback
Source: CoinGlass
The 1-month liquidation heatmap reveals a dense magnetic zone around $0.00418. Recent sweeps in this area suggest a potential trend reversal for Pump.fun's price action.
This reversal might be temporary. Analyzing liquidity patterns over the past few days provides insights into PUMP's potential near-term trajectory.
Source: CoinGlass
The 3-day liquidation heatmap indicates short-term price targets at $0.0039 and $0.0036. While liquidity at $0.0042 has been addressed, a new pocket has formed around $0.00438.
Instead of immediately shorting PUMP, consider a potential buying opportunity if the price dips to $0.0036, targeting the $0.0046 resistance level.
If the uptrend persists and Bitcoin [BTC] rebounds above $112k, PUMP could have a stronger chance of reaching $0.005 and potentially higher levels in September.
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice.