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Trader Eugene: PUMP has shown significant selling pressure, I have bought some spot and expect a rebound to the $0.006-0.007 range.
BlockBeats News, July 19th, trader Eugene Ng Ah Sio posted in his personal channel that he recently bought some PUMP. Although he did not participate during the project's launch due to the intense market hype at the time (considering the high level of attention it received), the recent sell-off wave has piqued his interest instead.
Considering the irrational exuberance during the project's launch, most investors' average entry price is likely around 0.005 USD or higher. With the price now dropping to 0.004 USD, almost everyone is in a significant loss, especially when ETH has surged by 30% in a week, holding an asset that has fallen by 25% is indeed agonizing — triggering noticeable selling behavior.
0.004 USD should be a critical support level because during the initial ICO pricing, the subscription was significantly oversubscribed (remember how many participants complained about not getting allocation), so his personal bet at the current price is only temporary. Additionally, there are several potential bullish factors:
· Alon may return and bring substantial benefits to holders (currently, the market expects him only to maximize cash-out)
· The platform is expected to regain market share from BonkFun
Based on these factors, Eugene believes the price may rebound to the 0.006-0.007 USD range.
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