PUMP is showing encouraging signs of strength after reclaiming the range Point of Control and holding firmly above weekly support.
This reclaim is an important technical development, as it suggests buyers have regained control of the current trading range and are attempting to establish a foundation for further upside. Remaining above this weekly support is critical, as it reinforces the short-term bullish structure and increases the probability of continued higher prices.
The ideal scenario from here would be a controlled bullish retest of the reclaimed support. If price revisits this region and successfully forms a higher low, it would confirm that the previous breakout is holding while also filling the market inefficiency created by the recent impulsive move higher. This type of price action often strengthens the trend by allowing buyers to re-enter before the next leg higher.
Adding to the bullish outlook is the strong technical confluence surrounding the current support zone. The weekly support aligns closely with the VWAP, the 0.618 Fibonacci retracement, and the reclaimed Point of Control, creating a high-conviction demand area. When several technical indicators converge at the same level, the likelihood of a meaningful market reaction increases.
As long as PUMP continues to hold this confluence zone, the probability favours a continuation toward the next daily resistance. Maintaining this structure would preserve the broader range while supporting a sustained bullish outlook in the sessions ahead.
This reclaim is an important technical development, as it suggests buyers have regained control of the current trading range and are attempting to establish a foundation for further upside. Remaining above this weekly support is critical, as it reinforces the short-term bullish structure and increases the probability of continued higher prices.
The ideal scenario from here would be a controlled bullish retest of the reclaimed support. If price revisits this region and successfully forms a higher low, it would confirm that the previous breakout is holding while also filling the market inefficiency created by the recent impulsive move higher. This type of price action often strengthens the trend by allowing buyers to re-enter before the next leg higher.
Adding to the bullish outlook is the strong technical confluence surrounding the current support zone. The weekly support aligns closely with the VWAP, the 0.618 Fibonacci retracement, and the reclaimed Point of Control, creating a high-conviction demand area. When several technical indicators converge at the same level, the likelihood of a meaningful market reaction increases.
As long as PUMP continues to hold this confluence zone, the probability favours a continuation toward the next daily resistance. Maintaining this structure would preserve the broader range while supporting a sustained bullish outlook in the sessions ahead.
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Trade with perks & support the community!
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