$PUMP Price Plunges 9% Amid Long Squeeze and Intense Selling Pressure
The cryptocurrency market took a hit after a weak jobs report, causing a shift in investor sentiment and putting pressure on Pump.fun's price.
Pump.fun, or $PUMP, faced rejection at $0.0061 and fell to $0.0054 by press time, with a 55% increase in trading volume to $605 million.
The price drop triggered a long squeeze, with over $8.3 million in longs liquidated, compared to just $0.7 million in shorts, according to CoinGlass data.
Despite the intense selling pressure, spot traders have held steady, with buyers turning stubborn and buying more as the price dropped.
The market's momentum indicators, including the MACD and RSI, suggest that buyers are still in control, but if sellers in the derivatives market continue at the current pace, $PUMP will struggle to hold $0.005 and may drop to $0.0046.