The cryptocurrency market is seeing some fluctuations today, with both Bitcoin and Ethereum showing slight declines. This broader weakness has affected many altcoins, including Pump.fun (PUMP). While PUMP currently trades lower after a recent high of $0.004817 triggering over $5.76 million in long liquidations, the latest chart reveals an interesting development: a key fractal support that suggests potential for growth.
A closer look at the 4-hour chart shows PUMP continuing to follow its broader downtrend, forming lower highs beneath a descending trendline. However, the pattern beneath this trendline offers a more intriguing story. Each time PUMP formed significant lows over the past month, price entered an accumulation zone, followed by a breakout and then a retest of that breakout area. These past successful rebounds, fueled by support from the 100-period moving average, reached 35 percent and even 42 percent in earlier moves.