ambcrypto.com
Useless Coin [$USELESS] has risen more than 15% in the past 24 hours, defying the general crypto market sentiment. This was evident as all the top 100 cryptos by market cap, except Arbitrum [ARB], were in the red as of press time.
The memecoin is primarily driven by social sentiment, especially from Key Opinion Leaders (KOLs) on X, such as Bonk Guy. But the question remains whether the memecoin can continue surging.
$USELESS outperforms Bitcoin, Solana, Dogecoin, and $PEPE
Analyzing the memecoin’s strength, it was clear that $USELESS had defied the overall market sentiment. There was a clear contrast when pairing $USELESS against major cryptos and other memecoins.
For instance, it outpaced Bitcoin [BTC], Solana [SOL], Dogecoin [DOGE], and Pepe [$PEPE] by 14.28%, 16.83%, 15.65%, and 15.08%, respectively.
The charts further reinforced this strength as $USELESS broke out of a consolidation pattern in the form of a triangle. Probably, this breakout hints at the end of Useless Coin’s correction phase as bulls defended the $0.20 demand zone.
However, the $0.33 level remains a hurdle to reaching its all-time high (ATH) of $0.4375. Bulls are pushing the memecoin toward this level, as seen in the MACD, which has flipped green.
This activity is reinforced by a CVD reading, which shows 11 million $USELESS tokens were bought during the 4-hour session on the Binance Futures market.
Furthermore, traders like Bonk Guy are still holding their positions and have yet to sell, despite the portfolio with $USELESS, PONS, and MarsCoin declining by $12.60 million in 10 days.
Still, its uptrend hinges on staying above $0.20 support; otherwise, the bullish bias will be lost.
Analyzing the contrast in trader bias and positioning
Meanwhile, there was contrast in trader bias and the size of their positions.
That is, there were more accounts that were selling than buying for overall market participants and Top Traders. On Binance, the Long/Short Ratio for all accounts was 0.8723, while that of Top Traders was 0.7915, indicating traders were biased on sales.
On the other hand, their positioning was different. The capital deployed to buying exceeded that of selling with the Long/Short ratio for Top Trader positions at 1.2388.
This contrast shows most traders might be skeptical of an uptrend continuation. However, the market is driven by conviction, as indicated by order positioning, which remains bullish as of press time.
Therefore, this data suggests that $USELESS could surge to at least $0.33, as long as the current market structure does not flip.
Final Summary
- Useless Coin rallied over 15% in the past 24 hours, outperforming major cryptos like Bitcoin, Solana, Dogecoin, and $PEPE.
- $USELESS broke above a slanting trendline resistance as its short-term price action shifted back to bullish.