- $PUMP shows a potential S/R flip, hinting at an upcoming breakout.
- The chart has consolidated for 30 days with solid volume of 2.92T.
- Low community buzz raises concerns about sustaining momentum.
The cryptocurrency market is buzzing with speculation, and $PUMP is catching the eye of traders once again. A recent post by Altcoin Sherpa on X highlights an intriguing chart analysis of $PUMP’s perpetual contract on Binance, suggesting a potential support and resistance (S/R) flip.
The chart, spanning 191 bars over 31 days, shows the asset consolidating within a defined range for the past 30 days, a pattern that often precedes a significant move. With a volume of 2.92 trillion, the chart presents a clean setup that has traders optimistic yet cautious.Altcoin Sherpa notes that $PUMP boasts one of the best-looking charts in crypto, despite receiving less attention compared to other altcoins like ZEC. The S/R flip, where a previous resistance level turns into support, is a textbook signal for a potential upward breakout if accompanied by sufficient volume.
The chart’s stability over the past month, coupled with its historical price action, positions $PUMP as a relatively safe spot-buy option among altcoins. However, concerns about low volume and community engagement have been raised, which could impact its momentum.Traders are advised to watch for confirmation through increased volume and a decisive break above the resistance level. Some suggest nibbling on dips and setting stop-losses below the support zone, with targets aligned with the next resistance.
As of now, Altcoin Sherpa remains on the sidelines, observing rather than committing, reflecting a prudent approach. With Bitcoin’s performance also playing a pivotal role in altcoin rallies, $PUMP’s next move could hinge on broader market trends. For now, this altcoin’s chart offers a compelling case for those willing to monitor its development closely.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
