Pump.fun (PUMP) has experienced a significant decline, dropping over 57% in the past two months. The cryptocurrency's daily chart has confirmed a head and shoulders pattern, indicating a bearish shift as it broke below the $0.0035 level. This technical breakdown has intensified market fears, with the fear and greed index moving deeper into fear territory. Sellers continue to dominate the market, driving the price towards a target of $0.00085. The bullish momentum that previously supported PUMP has dissipated, leaving the bearish trend firmly in place.