This Won’t Go Away

I am so confused on what this bump is. It’s pinkish red and looks like its gonna explode. Someone say it’s a ingrown hair and needs to be plucked but I don’t see where the hair is at all. It used to be firm about 2-3 days ago and now it feels slightly deflated and it does not hurt at all. I’m just afraid I might accidentally bust it or something. I can’t get a good clear angle on it but when I look down it looks like it could just rip off. What should I do to fix this and what is it called?

This is how thick it is