PUMP Explodes After Triangle Breakout, Could Hit $0.004 Soon

• PUMP surged 7.28% to $0.003635, market cap hitting $1.28B with $329.71 million daily trading volume.
•  A departure from the triangle formation instigated a 21% upsurge, with analysts eyeing the $0.004 resistance mark.
•  Derivatives surged up by 65.17% to $1.03B and open interest went up by 11.26% to $496.80 million.

Pump.fun (PUMP) has attracted intense market interest following a sharp breakout that pushed its price up by over 7% in the past day. With the day’s trading touching close to $330 million, analysts believe token may retest higher prices around $0.004 soon.

Currently, PUMP is trading at $0.003635 and has gained 7.28% in the last 24 hours. The token market cap has risen to $1.28 billion, and the 24-hour trading volume is up by 24.78% at $329.71 million with higher market activity.

Source: CoinMarketCap

PUMP Breaks Triangle Pattern, Surges 21%

According to crypto analyst CryptOpus, PUMP recently broke out of a triangle setup, which sparked a sharp upward move. The token surged more than 21%  following this breakout and later tested a new support zone on shorter time frames. The action is a clear next leg of the uptrend that can hit as high as $0.004, according to the next target by the analysts.

Source: X

The breakout fueled positive sentiments among the holders of the asset, who are now thinking that PUMP may potentially go even further if the buying pressure remains strong. 

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Pump.fun Derivatives Data Analysis Shows Strong Surge

Pump showed strength in derivative trading, rising 65.17% to $1.03B. At the same time, open interest rose 11.26% to $496.80 million, indicating more investor demand and liquidity in the market. The rise of open interest is a sign of more positions initiated and fewer existing ones being closed, which usually reflects rising investor confidence and expectations of continued volatility.

Source: CoinGlass

On the other hand, the OI Weighted stands at 0.0138%, quite a low level. Although activity has gained pace and liquidity is elevated, market-wide leverage pressure is stable and well-balanced. In simple terms, investors are participating more actively but without excessive risk-taking, which could stabilize price actions in the near term.

Source: CoinGlass

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