PUMP slides further as buyback debate rages: Will $0.0029 turn things around?
Main Idea
PUMP's price fluctuates amid buyback debates, with short-term support at $0.0029 but ongoing bearish trends and skepticism about the effectiveness of buybacks.
Key Points
1. PUMP fell 8% on July 26 but later recovered, continuing its volatile trend since its July 16 launch.
2. Heavy sell-offs by top holders pushed PUMP below its ICO price on July 22, despite a $19.6 million buyback effort.
3. Analysts note the buyback's current value is only $7.6 million, sparking debate over its impact on the $2.4 billion market cap asset.
4. Short-term support is observed at $0.00245, with indicators suggesting weakening bearish momentum and potential for gains if $0.0029-$0.003 resistance is breached.
5. The past ten days have been predominantly bearish, prompting caution among traders and investors.
Description
A price move beyond $0.0029 appears imminent, and PUMP's short-term outlook could soon turn bullish.
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