The Uselessness of USELESS Coin: A Tale of Hope and Despair

by

Key Takeaways 🎯

USELESS Coin surged 18%, OBV improved, and Open Interest recovered to $27.37 million. Will weak volumes stall USELESS Coin’s breakout momentum, or can Smart Money inflows keep fueling the rally? 🚀

USELESS Coin [USELESS] continued its reign as the top BONK [BONK] ecosystem token, with social sentiment still elevated. LunarCrush data showed social activity rose to 0.15% of all crypto chatter. 🗣️

The community hype likely drove an 18% price jump in the past 24 hours. Even so, USELESS traded 49%, below its all-time high of $0.415 at press time. 📉

Volume rises amidst weak momentum 🐌

AMBCrypto’s analysis of USELESS crypto on the charts exhibited that a surge followed a breakout from a falling wedge pattern. Price action was following a support trendline on the hourly chart. 📊

The On Balance Volume was at -1.399 billion from a low of -1.788 billion. Despite this positive change, the MACD showed that buyers were in control, but their momentum was weak. 💤

In addition to this, the wedge top near $0.36 could be a medium-term target if conditions improve. 🎯

For the memecoin to continue rising, it needs more than positive sentiment. Capital inflow, market conditions, and utility help drive prices. 💰

On that note, USELESS crypto’s Open Interest starting bouncing back after dropping before the 18th of August. The OI reading was at $27.37 million when writing. 📈

Bybit, OKX, and Binance led this trading activity, per Coinalyze. 🌍

Despite the volume rising, it was at its lowest since the 11th of August. The volume was a couple of times less than that of mid-August, when it almost reached $500 million. 📉

The relatively low volumes make it difficult for USELESS to hit the $0.36 target fast enough. 🐢

Smart money adds exposure 🧠💸

What was keeping USELESS Coin’s move alive was the fact that buyers stayed grounded. It was indicated by the average Long/Short Accounts Ratio, which was at 1.539 at press time. ⚖️

Similarly, the Aggregated Buy/Sell Volume indicated buyer strength. The Spot Buy Volume was at $8.07K, more than double that of sellers. 💪

The memecoin also maintained consistency in terms of Smart Money recognition. 🧠💰

StalkChain showed $372K net buys in the past 24 hours, ranking USELESS first. It also placed second in weekly and monthly flows, behind only Fartcoin [FARTCOIN]. 💨

Attention shifts east 🌏

Bonk Guy noted rising demand from Chinese traders, who increasingly pushed for USELESS exposure. 🇨🇳

That matched broader recognition, with traders comparing its “attention magnet” quality to Shiba Inu [SHIB] and PEPE [PEPE]. 🧲

In summary, the technicals were weak to sustain a spirited rally, at least for now, despite USELESS surging 18% in the day. 🎢

Read More

2025-09-08 05:18