Useless Coin surges 13% – Here’s why bulls target $0.24 next
USELESS whales bought big, traders sold short, and now the charts hint at a brewing clash!
Key Takeaways
Why did Useless Coin rally?
Whale balances jumped to 37 million tokens, Buy/Sell Delta hit 5.2 million, and volumes climbed 138% to $67 million.
What risks remain for USELESS?
Futures sentiment stayed bearish as the Long/Short Ratio slid to 0.92, shorts dominated 52%, capping upside potential.
After a week-long consolidation, Useless coin [USELESS] broke out and surged to $0.188 before slightly retracing.
At press time, Useless Coin traded at $0.1703, marking a 13.86% daily increase. Over the same period, the memecoin’s trading volume jumped 138% to $67 million, showing steady capital inflows.
But what triggered the recent uptick?
Whale activity soars
AMBCrypto observed that the recent price surge of USELESS was primarily driven by increased whale activity.
According to Nansen, Useless Coin’s top holders increased their balances by 58% over the past 24 hours, accumulating 37 million tokens, as of writing.
Over the same period, balance changes spiked by 18 million tokens, signaling substantial whale demand.
Such spikes often indicate strong market conviction, typically a bullish sign. Retail demand followed soon after.
Besides whale accumulation, small-scale traders also jumped into the market to accumulate the memecoin.
According to Coinalyze, Useless Coin saw 30.6 million in Buy Volume compared to 25.4 million in Sell Volume. As a result, the memecoin recorded a positive Buy/Sell Delta of 5.2 million tokens, reflecting buyer dominance.
Exchange flows reinforced this trend.
CoinGlass data showed Netflow at $716,200 when Useless Coin bounced, before easing into the negative zone at -$113,900 at press time.
Derivatives bet against it
Surprisingly, despite the recent uptick, participants in the Futures markets remained skeptical.
According to CoinGlass, Derivatives Volume surged 173% to $147 million, while Open Interest (OI) jumped 5.36% to $36.7 million, at the time of writing.
Typically, rising OI and volume signal heavier participation.
Even so, the Long/Short Ratio fell to 0.9216, with shorts accounting for 52% and longs 48%. This implied that most futures participants were betting on the downside.
What’s next for USELESS?
AMBCrypto’s analysis found that Useless Coin rallied on whale and retail demand.
As a result, the memecoin’s Stochastic RSI jumped to 43, at press time, but remained within the bearish zone. At the same time, its RSI also hiked to 44, and still stayed within bearish territory.
Typically, when indicators are set in this manner, it signals that bears are still dominating the market and buyers have yet to gain an edge.
If buying momentum sustains, Useless Coin could reclaim $0.18 and target resistance near $0.24. By contrast, if bearish pressure persists, the token might decline toward $0.14 support.
