Coordinated Shorts Affected PUMP’s Falling Price

Coordinated Shorts Affected PUMP’s Falling Price

Crypto analyst Copin Analyzer shared that four primary wallets collectively organized an enormous short-selling campaign on July 12-14. These wallets invested close to $20 million in shorting around its local top of $0.006.

The strategic “Perfect” short coincided with the start of token’s steady decline from mid-July. The move highlights strong bearish sentiment by major holders and has played a major role in PUMP’s downward price pressure. The breakout of token above $0.003 indicates buyers are gaining traction after months of frailty. 

The important resistance level had been the primary hurdle in the earlier consolidation. A breakout of of this level is once more instilling hope among traders. Technical chart formations have indicated the transfer of momentum from bearish to bullish, coupled with higher trading volumes and positive sentiment in the marketplace.