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PUMP falls below ICO price, traders counter the trend by buying the dip and betting on a rebound.
On July 19, a trader posted in his personal channel that he recently bought some PUMP. Although the market hype when the project launched made him not participate at the time (considering the high attention it received), the recent wave of dumping has instead sparked his interest.
Considering the frenzy at the time of the project's launch, the average entry price for most investors may have been around 0.005 USD or higher. Now that the price has dropped to 0.004 USD, almost everyone is in a state of significant loss, especially when ETH has risen by 30% in a week. Holding an asset that has dropped by 25% is truly excruciating—this has already triggered noticeable dumping behavior.
0.004 USD should be an important support level, as the subscription was heavily oversubscribed during the ICO pricing (remember how many participants complained about not being able to grab a quota), so personal bets at the current price are just temporary. In addition, there are several potential positive factors:
· Alon may return and bring substantial benefits to holders (currently the market expects he will only maximize cashing out) · The platform is expected to regain market share from BonkFun.
Based on these factors, the trader believes that the price may rebound to the range of 0.006-0.007 dollars.