Pump.fun’s utility token, PUMP, is continuing to fall in value as Bitcoin remains stable around the $77,000 mark.

PUMP Token's Recent Performance

Over the past 24 hours, PUMP has decreased by 2.2%, and it has declined by 6.2% over the last week. Earlier this month, reports indicated a potential short-term price increase following an $18 million token unlock, followed by a long-term downtrend.

The token did see a temporary rally, rising 12.6% in five days to reach $0.002. However, it has since dropped 13.4% over nine days.

Technical Analysis and Key Levels

The 1-day chart shows a prevailing bearish trend. A previous decline from $0.00219 in March and early April to $0.00156 experienced a brief retracement earlier this month.

Fibonacci and DMI Indicators

This retracement faced strong resistance at the $0.00205 level, coinciding with the 78.6% Fibonacci retracement level. The Directional Movement Index (DMI) doesn't indicate a strong trend, but it is a lagging indicator.

Based on current price action, analysts anticipate new local lows, with potential bearish targets at $0.00156 and $0.00142. The Moving Average Convergence Divergence (MACD) and moving averages suggest increasing bearish momentum.

Traders are closely monitoring the $0.0017 level, which could act as support and potentially slow the decline.

Potential for Reversal

To shift the short-term outlook to bullish, PUMP needs to surpass $0.00176 and $0.00182. This would signal a potential trend reversal and possible longer-term relief.

However, analysis of both higher and lower timeframes currently indicates a bearish trend, suggesting a further 9%-18% price drop is likely in the coming weeks. The brief rally to $0.002 following the $18 million token unlock in early April was quickly reversed.