Cryptocurrency enthusiasts are keeping a close eye on Useless Coin [USELESS], a memecoin that has captured significant attention recently. While this digital asset managed to break out of a bearish trend in late November, its price has struggled to maintain upward momentum, raising questions about its future trajectory.
The Market Performance of Useless Coin
Over the past 24 hours, Useless Coin has experienced a 12% drop in price, with trading volume decreasing by 19% to approximately $28.56 million. Despite breaking the downtrend that dominated since mid-October, the cryptocurrency has encountered strong resistance from bears, particularly at the $0.1363 price level. Daily candle patterns suggest sideways consolidation, which could hint at either a potential retest or further stagnation.
A Technical Breakdown of Useless Coin
Various technical indicators underline the ongoing tussle between bulls and bears. The Moving Average Convergence Divergence (MACD) chart indicates a bullish market structure, yet the Cumulative Volume Delta (CVD) reveals bearish dominance during daily trading sessions. Sellers have maintained control, with heightened outflows undermining bulls’ efforts to push the price higher.
According to market data, liquidity levels are a crucial factor in determining the future price direction. With over $3.85 million in short liquidation leverage concentrated at $0.15, bears are working hard to prevent a price surge that could lead to a short squeeze. On the buy side, there are over $2.05 million in buy orders stacked around $0.098, which could act as a support level in the near term.
Whales and Smart Money Are Moving Elsewhere
One reason for Useless Coin’s struggling breakout is the apparent rotation of capital within the cryptocurrency market. Data from the Solana blockchain reveals that USELESS was one of the most-sold memecoins last week. Whales and institutional investors sold over $233K worth of the token, trailing only PIPPIN and BONK, which saw sales of $643K and $411K, respectively. This shift suggests a broad movement toward safer assets as investors seek opportunities in discounted markets.
What’s Next for Useless Coin?
Traders eyeing Useless Coin should remain cautious of prevailing outflows and the selling pressures that dominate its daily trading activity. While bulls have managed to break the previous bearish market structure, a clear price direction depends heavily on liquidity levels and overall investor sentiment. Without a significant shift in inflows or a diminished resistance at key price points, the token’s breakout risks losing momentum.
Looking for Investment Insights?
If you’re interested in exploring safer alternatives amidst market volatility, consider diversifying into other digital assets or products tailored for strategic financial gains. For instance, platforms like Litecoin offer streamlined solutions for those seeking stability in cryptocurrency investments.
