PUMP Price Tests Critical Floor After $5.9 Million in Bullish Bets Wiped Out
- PUMP enters oversold zone with RSI at 28.51, signaling potential technical rebound
- $7.3M in liquidations highlight extreme volatility and failed long-position bets
- Resistance at $0.002800 blocks upside as PUMP struggles to regain bullish momentum
The Pump.fun (PUMP) token witnessed a sharp 15% downturn over the last 24 hours as intensifying selling pressure and millions in liquidations pushed the asset to a critical technical juncture.
After falling to a daily low of $0.002435, the token is attempting a mild recovery, hovering around $0.002690 at press time.
Long Liquidations Fuel the Downturn
The sharp price drop was amplified by a significant volume of liquidations in the perpetual contracts market. Over the last 24 hours, PUMP saw $7.3 million in total liquidations, according to data from Coinanalyze.
Notably, the vast majority of these, $5.9 million, were from long positions, indicating that traders betting on a price increase were caught off-guard and forcefully sold off.
Significantly, Binance led all exchanges in liquidation volume, followed by Bybit, OKX, Huobi, and BitMEX. This concentration of activity reflects how…
The post PUMP Price Tests Critical Floor After $5.9 Million in Bullish Bets Wiped Out appeared first on Coin Edition.
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PUMP Price Tests Critical Floor After $5.9 Million in Bullish Bets Wiped Out
- PUMP enters oversold zone with RSI at 28.51, signaling potential technical rebound
- $7.3M in liquidations highlight extreme volatility and failed long-position bets
- Resistance at $0.002800 blocks upside as PUMP struggles to regain bullish momentum
The Pump.fun (PUMP) token witnessed a sharp 15% downturn over the last 24 hours as intensifying selling pressure and millions in liquidations pushed the asset to a critical technical juncture.
After falling to a daily low of $0.002435, the token is attempting a mild recovery, hovering around $0.002690 at press time.
Long Liquidations Fuel the Downturn
The sharp price drop was amplified by a significant volume of liquidations in the perpetual contracts market. Over the last 24 hours, PUMP saw $7.3 million in total liquidations, according to data from Coinanalyze.
Notably, the vast majority of these, $5.9 million, were from long positions, indicating that traders betting on a price increase were caught off-guard and forcefully sold off.
Significantly, Binance led all exchanges in liquidation volume, followed by Bybit, OKX, Huobi, and BitMEX. This concentration of activity reflects how…
The post PUMP Price Tests Critical Floor After $5.9 Million in Bullish Bets Wiped Out appeared first on Coin Edition.
Read More