news 
PUMP up 13% as Wintermute scoops $3.5 million – Is a 55% rally next?
The recent surge in the price of PUMP has seen the asset rise by an impressive 13%, with the memecoin defying broader market trends and posting gains that are unmatched by its peers.
This sudden upswing is largely attributed to Wintermute’s significant accumulation of $3.5 million worth of tokens, which has led to a flurry of buying activity in the markets.
As PUMP continues to make waves in the crypto space, traders are left wondering if this rally has legs or if it’s simply a flash in the pan. According to our analysis, there is reason to believe that we may see an even more substantial move upwards, with a potential 12% to 55% upside range on the cards.
A closer examination of PUMP’s technicals reveals a picture of growing support and accumulation. The asset has finally broken out above a key resistance level it had been struggling against for some time, indicating that whales have returned to the fray.
The Supertrend indicator, in turn, has flipped green and now lies below the price action, further solidifying this bullish bias.
On-chain data from CoinGlass suggests that investors are actively accumulating PUMP, with withdrawals worth $19.53 million from exchanges over the past fortnight. This substantial outflow from exchanges serves as a testament to the growing interest in the memecoin and could ultimately lead to increased buying pressure and further price appreciation.
In addition to this whale accumulation, CoinGlass’s Exchange Liquidation Map also reveals that shorts are being liquidated between $0.00285 and $0.00302, with positions worth $1.81 million. This development serves as a strong indication that bulls have taken the reins and will not be easily deterred from their pursuit of further gains.
While it is impossible to predict with certainty whether this rally has legs, traders should take note that PUMP’s price action has been consistently trending upwards since its all-time high.
Source: ambcrypto.com
