Crypto
Pump.fun's PUMP Token Breaks Above Key Moving Averages Amid 35% Weekly Gain
Pump.fun's PUMP token has seen a significant 35% weekly gain, breaking above key daily moving averages. The price climbed above $0.0025 after trading near $0.0018 on July 30.
The token now trades above its 20-, 50-, 100- and 200-day moving averages. However, the 4-hour RSI reached 76.71, warning that the rally may be overheated.
To maintain a bullish structure, holders need to keep the short-term price above $0.0022-$0.0020.
The token's revenue-funded repurchase program has been one of the main catalysts behind the recovery. The platform allocates half of its protocol fees towards buying and burning PUMP, creating recurring spot demand when network activity rises.