Key Crypto Memecoins Struggle as Sellers Dominate Technical Levels

Key Moments

Downtrend Pressures Intensify Across Select Meme Tokens

Pump.fun (PUMP), Story (IP), and Pudgy Penguins (PENGU) have faced a wave of selling over the past 24 hours. PUMP and IP failed to break through their respective 50-day Exponential Moving Averages (EMAs) on Wednesday, triggering a pullback, while PENGU is currently challenging its own 50-day EMA. The prevailing trend across all three remains negative, with the broader technical picture still favoring sellers.

Pump.fun: Upside Stalls as Momentum Fades

Pump.fun is trading above its 20-day EMA at $0.002248 at press time on Thursday, after sliding 11% from the 50-day EMA at $0.002624 on the previous day. That retreat ended an eight-day stretch of gains and underscored the difficulty in sustaining upward momentum.

If the meme coin launchpad token drops below $0.0002248, it could open the door for a deeper move toward the $0.002000 psychological level, followed by the S1 Pivot Point at $0.001262.

Daily chart indicators are signaling a loss of bullish strength. The Relative Strength Index (RSI) stands at 51 and is slipping toward the midpoint, reflecting waning buying interest. At the same time, the Moving Average Convergence Divergence (MACD) has flattened, with shrinking green histogram bars pointing to a cooling in upside momentum.

On the upside, if PUMP manages to recover and break above the 50-day EMA at $0.002624, the next potential objective would be the R1 Pivot Point at $0.002983.

Story (IP): Price Action Clusters Around the $2.00 Mark

Story is trading near $2.00 at the time of writing on Thursday, logging its third straight bearish session. The token is currently down 2%, building on a 4% decline from the previous day and putting pressure on the 20-day EMA at $1.91.

A sustained move below $1.91 could clear the path for a further slide toward the S1 Pivot Point at $1.22.

Technical signals on the daily chart for Story also reflect weakening demand. The RSI prints at 53 and is edging closer to the neutral line, while the MACD is drawing nearer to its signal line, raising the risk of a bearish crossover that would confirm renewed downward momentum.

For an upside reversal to gain traction, IP would need to reclaim and hold above the 50-day EMA at $2.33, which could allow a move toward the R1 Pivot Point at $2.41.

Pudgy Penguins: Support at 50-day EMA Under Threat

Pudgy Penguins is currently holding above the 50-day EMA at $0.01179 after registering a 9% pullback on Wednesday. At the time of writing, PENGU is changing hands around $0.1200, close to the R1 Pivot Point at $0.01193.

If PENGU loses this area, the 20-day EMA at $0.01091, which is situated near the $0.01000 psychological level, may act as the next nearby support zone.

In line with the behavior seen in PUMP and IP, Pudgy Penguins is also showing signs of fading buying pressure, as indicated by daily chart technicals.

On the upside, a constructive rebound in PENGU could focus on the R1 Pivot Point at $0.01518 as a potential target.