Trader Eugene: Has "cut loss" on PUMP, as the consolidation phase has dragged on without a breakthrough

BlockBeats News, July 22nd, trader Eugene Ng Ah Sio posted on his personal channel, stating, "Having traded sideways in the 0.004 range for too long without breaking out to the upside, my trading logic has become invalid. I have cut my position and exited. Now is not the time to hold onto such a stagnant asset."

BlockBeats previously reported that on July 19th, trader Eugene mentioned that he recently bought some PUMP. Although he did not participate when the project was launched due to the high level of attention it received at the time, the recent selling wave has piqued his interest.

Considering the frenzy at the project's launch, most investors' average entry price is likely at $0.005 or higher. With the price now dropping to $0.004, almost everyone is at a significant loss, especially when ETH has risen by 30% in a week, holding an asset that has dropped by 25% is indeed agonizing—this has already triggered noticeable selling behavior.

$0.004 should be a key support level since during the ICO pricing, there was a significant oversubscription (remember how many participants complained about not being able to get an allocation), so his personal bet at the current price level is only temporary.