The USELESS meme coin built on Solana has risen over 30% in the past 24 hours, standing out as one of the best-performing digital assets of the day.
The rise is notable as major meme assets like Dogecoin (DOGE) and Shiba Inu (SHIB) have recorded losses despite the overall market increase.
Coinbase, Binance US, Kraken boost USELESS
The recent rise in USELESS follows a series of major listings on exchanges this week. Yesterday, BeInCrypto reported that Coinbase confirmed the addition of the token in an official post on X (formerly known as Twitter), noting that trading will begin according to the listing roadmap.
On the same day, Binance US and Kraken also announced their listing of the meme coin, increasing its visibility in the market.
The price movement of USELESS remains bullish
With increasing enthusiasm in the market around these new listings, there has been a surge in new liquidity for the token. The bullish crossover of the Moving Average Convergence Divergence (MACD) confirms this capital inflow.
Readings from the USELESS/USD one-day chart show that the token's MACD line (blue) is sitting above its signal line (orange) for the first time since July 17.
The MACD indicator defines trends and momentum in price movement. It helps traders identify potential buy or sell signals through crossovers between the MACD and signal lines.
When set up this way, it indicates a shift towards bullish momentum, suggesting that upward pressure is increasing in the USELESS market.
Furthermore, the altcoin is currently sitting above its 20-day exponential moving average (EMA), which forms dynamic support underneath at $0.25.
The 20-day exponential moving average of the asset tracks its average price over the past twenty days of trading, giving weight to recent prices.
When the price rises above this level, it indicates a shift towards an upward trend. This means that short-term price momentum is turning positive, with recent prices trading above the average price over the past twenty days.
Bullish bets on a new high
At the time of publication, the meme coin is trading at $0.28. Continuous buying pressure could push towards the $0.34 mark.
However, if profit-taking begins, the token could slip below $0.27 and look for support at the 20-day exponential moving average. Failure to maintain this level could lead to a further decline of USELESS towards $0.22.
