Pump.fun (PUMP), SPX6900 (SPX), and Bittensor (TAO) all plummeted simultaneously, becoming the leading names in the cryptocurrency market decline over the past 24 hours, amid a wave of liquidations exceeding $500 million in total value. Retail investors expressed dissatisfaction, claiming that large institutions have intervened and manipulated the market, especially as Bitcoin experienced a sudden sharp sell-off early this morning.
Furthermore, macroeconomic risks are casting a shadow over the crypto market, as US CPI data is expected to be released on Thursday and the Bank of Japan’s interest rate decision on Friday, which could trigger even more volatility.
On the technical side, the weakening trend of PUMP, SPX, and TAO is likely not over. Momentum indicators continue to signal negative, reflecting that selling pressure still dominates and raising the risk of a short-term downtrend.
Pump.fun May Break Out of Falling Wedge Pattern
Pump.fun continues to face selling pressure, dropping nearly 2% at the time of writing on Thursday, extending the previous session’s 10% decline. This meme launchpad token is now approaching the support line formed from the lows on November 17 and 21, within a falling wedge pattern structure – a sign that the negative trend still prevails.
In a negative scenario, if PUMP closes decisively below the S1 Pivot Point at $0.002, the market could confirm a clear breakdown. In that case, selling pressure is likely to push the price back down to the lower support zone near the October 10 low around $0.001496, or even S2 Pivot Point at $0.001051.
Daily PUMP/USDT chart | Source: TradingView From a momentum perspective, the daily RSI indicator is falling to 29, indicating oversold conditions. However, the recovery signal is not yet convincing as the MACD line crosses below the signal line and continues to widen in the negative zone since Monday.
Conversely, if buying interest emerges to catch the dip, PUMP could see a technical rebound toward the upper trendline, connecting the highs on September 14 and November 11, around $0.003. However, for a sustainable reversal, the market still needs additional confirmation from volume and price momentum.
SPX6900 Faces Risk of Deeper Correction
SPX6900 continues to face strong selling pressure, dropping nearly 2% at the time of writing on Thursday, after a deep plunge of 12% in the previous session. With the current development, the most probable scenario is that the price will continue sliding toward the November 21 low around $0.4375, representing an additional decline of about 8%.
Daily SPX6900/USDT chart | Source: TradingView From a technical standpoint, the RSI indicator is retreating to 34 and shows no signs of forming a bottom, indicating that selling pressure is overwhelming and the market is approaching oversold territory. Meanwhile, both the MACD and signal lines are maintaining a downward trend, reflecting increasingly strong bearish momentum.
On the other hand, if SPX experiences a technical rebound, the upward movement is likely to encounter resistance at the 50-day EMA, which is trending downward, around $0.6845 – a notable short-term resistance level.
Bittensor Accelerates Downtrend
Bittensor continues its five-session losing streak as the price breaks through the critical $250 level. At the time of writing, this AI token has declined nearly 3% on Thursday, following a sharp 9% drop in the previous session, indicating that selling pressure remains intense.
Daily TAO/USDT chart | Source: TradingView From a technical perspective, the nearest support zone for TAO is identified at the April 16 low around $222, before retreating further to the psychological $200 level. Similar to PUMP, the RSI has fallen into the 30 zone, reflecting a clear oversold condition, while the MACD line still signals a negative trend after crossing down on Wednesday.
Conversely, to open up significant recovery opportunities, TAO needs to quickly regain the $254 level – corresponding to the December 1 low – to weaken the current downtrend and improve market sentiment.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Aptos Shows Momentum: Could APT Break Resistance Soon?
APT tests $1 resistance, forming higher lows and showing steady buyer conviction.
Rising triangle, A/D, and MFI indicators suggest building bullish momentum.
Confirmation above $1 could trigger breakout, but BTC stability and caution remain important.
Aptos — APT, has been gaining
CryptoNewsLand2m ago
Bitcoin Gold Price Soars 12.83%: Institutional Interest Grows
Bitcoin Gold's price surged by 12.83% to $0.554349, reflecting increased market interest, particularly from institutional investors. Active trading indicates growing retail participation. Traders are monitoring key price levels for potential future trends.
Coinfomania5m ago
Bitcoin shows resilience, options market indicates easing of downside concerns
Despite international oil prices rising to $115 and the market shifting to a defensive stance, Bitcoin has shown resilience, with options flow indicating reduced downside concerns. Market optimism towards Bitcoin is returning, with focus on this week's economic data.
GateNews20m ago
'Bull Trap Forming' – Willy Woo Says Bottom Not In for Bitcoin
Willy Woo, an on-chain analyst, warns that Bitcoin's recent rally may be a "bull trap," suggesting the market remains in a downward trend and that the true bottom has not yet been reached. Traders should remain cautious and watch for potential lower prices.
Coinpedia1h ago
Trump says oil prices will quickly fall back, but Bitcoin and the stock market have already been hit
On March 9th, as the "Epic Rage Action" escalated, the global energy markets experienced intense volatility, with oil prices soaring to $116 at one point, raising concerns about supply disruptions through the Strait of Hormuz. Trump predicted that oil prices would fall back, but gasoline prices have already risen to $3.45. The stock and cryptocurrency markets declined sharply, and investors should pay attention to the impact of geopolitical events on the markets and future monetary policies.
GateNews1h ago
Ethereum Price News: Co-founder Jeffrey Wilcke transfers $157 million worth of ETH to CEX, can the key support level of $1920 hold?
Ethereum (ETH) recently dropped nearly 8%, hitting a low of $1912, mainly due to market concerns over the founder transferring a large amount of ETH. However, institutional investors remain actively involved, with a short-term support level at $1920. If maintained, a rebound to $2000 is possible. Technical analysis shows bearish signals, and future trends will depend on the performance of large holders and support levels.
GateNews1h ago
