Key Takeaways
What’s driving USELESS Coin price?
Volume, buyer strength, and rising Open Interest drove the surge in the USELESS Coin price that day.
Will the memecoin sustain the momentum?
General market optimism must align for the memecoin to maintain its momentum.
Useless coin [USELESS] defied the broader crypto market downturn, surging 22% in 24 hours, at press time, and outperforming all major memecoins.
As the highest-cap memecoin on LetsBONKfun, a launchpad within the BONK ecosystem, USELESS stood out for its resilience, gaining traction even as top tokens like Dogecoin [DOGE] faced sharp declines.
What’s driving the surge?
Three key factors – trading volume, buyer strength, and rising Open Interest (OI), fueled the recent surge in USELESS Coin’s price.
USELESS Coin made headlines as the second most-traded memecoin on Coinbase, trailing only DOGE. With a daily trading volume of $30 million, U.S. investors showed increased aggression toward the token.
According to Unipcs, volume on Kraken was also nearing a new peak.
On Coinbase, bullish sentiment was evident with a 74% Buy Ratio, up 17% in just 24 hours. Kraken and KuCoin also showed buying strength, though with a more measured pace.
Source: Unipcs/X
Additionally, OI was the highest on USELESS Coin bar, second only to that of DOGE. This was reflected in whale activity, which surged in the past 30 days, with more than $2 million in inflows.
As the memecoin continues to surge, its future price action becomes more uncertain for traders.
USELESS Coin price prediction
Using the peak and the low that came from the flash crash, it was evident USELESS Coin rebounded from the 0.5 Fibonacci Retracement level. The low produced a new high at $0.44, but the price again formed a reversal pattern in a double top.
Despite this bullish reaction from the 0.5 Fib level, which was an indication of a healthy trend, the price needed to break and stay above $0.35. This would mean a flip from the bearish price structure seen in the chart.
In case of this flip, USELESS could aim at $0.40, which was just above the 0.236 Fib level. More strength could lead the price past the ATH of $0.44.
Source: TradingView
If USELESS Coin fails to break above $0.35, it could drop back to $0.22 or even lower.
This level aligns with the 0.618 Fibonacci retracement, with a deeper support near $0.17, suggesting a bearish trend ahead.
