On July 22, trader Eugene Ng Ah Sio posted on his personal channel, saying, "After being stuck in the 0.004 range for too long without breaking upward, my trading logic has become invalid. I'm cutting my position and leaving the market. Now is not the time to stubbornly hold onto such a stagnant target."
BlockBeats previously reported that on July 19, trader Eugene said he recently bought some PUMP. Although he did not participate when the project initially launched due to the high market attention, the recent selling wave has actually piqued his interest.
Considering the frenzy during the project's launch, most investors' average entry price is likely around 0.005 USD or higher. Now that the price has dropped to 0.004 USD, almost everyone is in significant losses, especially when ETH has risen 30% in a week while holding an asset that has fallen 25% - this has clearly triggered selling behavior.
0.004 USD should be an important support level, because the ICO was severely oversubscribed at the time (remember how many participants complained about not getting their quota), so his personal bet is that the current price is only temporary.
