Modi Needs the White House Off His Back
With two days to go before the US president's reciprocal trade taxes come into effect, he's doubling down on his threat to impose a 'substantially higher' tariff on India than the 25% already announced.
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The crypto market continues its climb back upwards: Bitcoin and Ethereum are demonstrating resilience, with gains helping to propel the market as a whole back above $3.8 trillion. But there's one coin making a much more impressive comeback way down on the list of the top 100 by market cap: the appropriately named PUMP, the native token of the Solana meme coin launchpad While Bitcoin's modest 2% gain to above $115,000 provides stability, it appears the real action is happening in Solana's meme coin trenches. PUMP token has exploded 35% over the past week—making it the standout performer in an otherwise choppy market. What's going on? Let's zoom out: The broader crypto market recovery comes as traditional markets find their footing after President Donald Trump's latest tariff announcements sent the S&P 500 tumbling 1.6% and the Nasdaq dropping 2.24% on Friday—their worst single-day losses since May and April. The S&P 500 and the Nasdaq erased those losses today. The cryptocurrency market's 6.7% decline to begin August initially looked like the start of something uglier, but Monday's recovery has bulls breathing easier. Analysts attribute the drop primarily to profit-taking by traders following a strong rally in July, with no clear signs of panic selling or systemic weakness in the market. This narrative of "healthy consolidation" rather than collapse has emboldened dip buyers, with 95% of the top 100 cryptocurrencies posting gains in the past 24 hours. Ethereum today is up nearly 3% to above $3,600, and XRP is clinging to that all-important $3.00 price point. But with no top 10 coin breaking the 3% barrier, the real fun is reserved for meme coin traders—who really needed it after the recent bloodbath they went through. PUMP price: Bulls defeat the FUD remarkable turnaround validates our prior analysis that aggressive buybacks would eventually overwhelm selling pressure and that signs point to a price recovery—or at least heavy pressure against bears. Pump's PUMP fell to as low as $0.002283 in late July, well below the ICO price of $.004 when the token launched on July 14. The company raised $600 million after selling out its ICO in just 12 seconds, and the hype propelled PUMP to above a $6 billion fully diluted value just days later. But the hype didn't last, the price of PUMP soon came tumbling down. The company turned things around for PUMP holders when it announced token buybacks at the end of July just as the token hit bottom, which it has since carried out daily. The company is taking the daily revenue generated from its launchpad and putting it back into the chart, so far buying $23 million worth of PUMP, according to its own figures. As a result, PUMP is up more than 30% in the last seven days. So what do the charts say now? The token currently trades at $0.0034 and is approaching a critical broken support near the $0.0035-$0.0040 after the weekly surge. In terms of price direction, the last few days generated respectable bullish support after the token bottomed. Prices have already broken past two resistance levels around the $0.003 and $0.032 marks, which is a good sign for day and swing traders. The Relative Strength Index, or RSI, for PUMP sits at 67, approaching but not yet breaching the 70 overbought threshold. For context, RSI measures price momentum on a 0 to 100 scale. Readings above 70 typically signal overextension where profit-taking emerges while below 30 indicates oversold conditions ripe for bounces. At 67, PUMP shows strong buying pressure without triggering automatic-selling algorithms, suggesting room for PUMP's pump to grow. Traders would very likely interpret this as particularly bullish given the token's 35% weekly gain hasn't pushed the indicator into dangerous territory. The Average Directional Index, or ADX, for PUMP is at 27, which marks a very interesting development. ADX measures trend strength regardless of direction. As a general rule, numbers below 20 indicate no trend, 20-25 shows developing momentum, and above 25 confirms established directional movement until prices register 40 points or more, at which point the trend is considered to be very powerful. PUMP's ADX crossing above 25 signals the bearish correction that drove prices down 47% from May highs is either over or not strong enough to maintain the same bearish direction in case bears remain in play. The Exponential Moving Averages, or EMAs, for PUMP are also compelling. EMAs measure the average price of an asset over a set period of time. For PUMP, being such a young token, the 4-hour charts are where to look. The 50-period EMA (the average price of the last week or 50 candlesticks of 4 hours each) currently trades below the 200-period EMA (the average price of the last month, more specifically, 200 candlesticks of 4 hours each), and this is a textbook bearish formation for prices. But the narrowing gap between these averages (considering the prices are finally going up) suggests an impending "golden cross" reversal if prices keep heading in the same direction. When the faster EMA50 crosses above the slower EMA200, it historically marks the beginning of sustained uptrends. Smart money appears to be front-running this technical milestone. The coin is not there yet, but the price action can give bull traders some hope. The Squeeze Momentum Indicator shows 'off' status on the 4-hour chart, indicating volatility has already been released from recent compression. This diverges from daily timeframes showing continued squeeze, suggesting different trader cohorts are positioning for the next major move. When multiple timeframes align, explosive price action typically follows. The indicator currently points to a possible bounce from to the current support, which would not be unexpected considering the price spike. A trader might say it's a good accumulation zone for those expecting the recovery trend to remain in play for a while longer. Key Levels: Immediate support: $0.0030 (ascending trendline from July lows) Strong support: $0.0023 (July capitulation low and psychological floor) Immediate resistance: $0.003567 (current test level and prior rejection zone) Strong resistance: $0.004113 (50% retracement of entire decline, major breakout target) The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
