Pump.fun's Price Drops Sharply Amid Intense Selling Pressure

Pump.fun's [PUMP] price dropped sharply after a weak jobs report sent shockwaves through the crypto market. The altcoin was hit hard, with its price falling to $0.0054 from a high of $0.0061.

The intense selling pressure led to a long squeeze, with over $8.3 million worth of longs liquidated according to CoinGlass data. This is a significant amount, especially considering the relatively small size of PUMP's market capitalization.

Despite this, spot traders have remained bullish on PUMP, with buy volume outpacing sell volume for three consecutive days. This could indicate that buyers are willing to absorb some of the pressure and help stabilize the price.

Momentum indicators such as the MACD and RSI suggest that buyers are still in control of the market. However, if sellers continue to dominate the derivatives market, PUMP may struggle to hold $0.005 and could drop further to $0.0046.