In a surprising turn, USELESS Coin [USELESS] recently defied a broader crypto market downturn, surging an impressive 22% in 24 hours and eclipsing the performance of even major memecoins like Dogecoin. As the highest-cap memecoin on the BONK ecosystem's launchpad, LetsBONKfun, its remarkable resilience and significant gains have captured market attention, prompting a closer look at the forces behind its ascent and its potential future trajectory.
The Catalysts Behind the Surge
The dramatic price surge of USELESS Coin was fueled by a powerful trifecta of market indicators: soaring trading volume, robust buyer strength, and an uptick in Open Interest (OI). The coin distinguished itself as the second most-traded memecoin on Coinbase, boasting a daily trading volume of $30 million, indicative of aggressive interest from U.S. investors. This buying frenzy was further underscored by a 74% Buy Ratio on Coinbase, a substantial 17% increase in just 24 hours, with similar, albeit more measured, buying strength observed on Kraken and KuCoin. Concurrently, Open Interest in USELESS Coin derivatives reached levels second only to Dogecoin, complemented by significant whale activity, which saw over $2 million in inflows in the past month alone, signaling strong institutional and large-investor confidence.
Navigating Future Price Action
While the recent surge has been impressive, the future price action of USELESS Coin presents a critical juncture for traders. The coin demonstrated a healthy rebound from the 0.5 Fibonacci Retracement level following a flash crash, forming a new high at $0.44 before exhibiting a double top reversal pattern. A pivotal level for USELESS Coin now lies at $0.35; sustaining above this threshold is crucial to break free from its current bearish price structure. Should it achieve this flip, the coin could target $0.40 and potentially challenge its all-time high of $0.44. Conversely, a failure to breach and hold above $0.35 could lead to a significant retracement, with support levels at $0.22 (aligning with the 0.618 Fibonacci retracement) and a deeper support near $0.17, suggesting a potential return to a bearish trend.
