PUMP Token Plummets 40%—But Could This Unexpected Move Spark a Massive Comeback?
In the current market sentiment, this outflow from exchanges suggests potential accumulation, which could ease the selling pressure and help limit further price declines.
Source: CoinGlass
However, trader sentiment remained unchanged as they continue to bet on the short side.
Data revealed that PUMP’s Long/Short Ratio stood at 0.88, at press time, indicating strong bearish sentiment among investors.
Notably, only 47% of traders were taking long positions, while 53% were on the short side.
Source: CoinGlass
When combining these metrics, it appears that bears are dominating the asset; however, the potential PUMP accumulation could slow down the pace of the price decline.
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