USELESS Coin is sharply declining by more than 10%, forming a new low and testing the important support area while large capital from institutions and whales is shifting into this memecoin.
The price of USELESS Coin is under strong selling pressure, but on-chain data and large trading volumes from institutional investors indicate a potential reversal, although the short-term trend remains uncertain.
MAIN CONTENT
USELESS Coin dropped more than 10%, retesting the support level of 0.20 USD, causing investor concern.
Large capital flows from Hyperliquid, whales, and institutions continue to pour into USELESS Coin, even as the overall market is declining.
The number of holders is steadily increasing, and technical signals indicate a potential reversal; however, the trend has not yet been fully confirmed.
What is USELESS Coin?
USELESS Coin is a memecoin that is attracting significant attention in the cryptocurrency market due to its strong volatility and large speculative capital from both individual and institutional investors.
USELESS Coin stands out thanks to its unusual trading performance, consistently ranking among the most traded memecoins, attracting both whales and large institutional investors as capital flows in the sector shift.
Why did USELESS Coin recently experience a sharp price drop?
In the past 24 hours, USELESS Coin has fallen more than 10% in value, marking the deepest decline in a day, although the memecoin had previously reached a new peak in July.
USELESS Coin formed a declining price model on the 3-hour chart after surpassing the 0.40 USD mark but quickly faced strong profit-taking pressure. Closing below 0.24 USD caused the previous upward structure to be broken. Although there was a short-term recovery thanks to listings on Binance and Coinbase, the price continued to decline to the 0.20 USD area.
What is the current technical trend of USELESS Coin?
Technical indicators show that USELESS is in a downtrend area; however, signs of divergence and the potential for reversal appear as the price tests the critical support threshold of 0.20 USD.
The MACD indicator continues to signal a downward trend, but selling momentum has weakened, indicating a potential reversal crossover. The OBV indicator is at 360 million USD, still negative due to weak buying pressure; however, the price level of 0.20 USD has previously served as strong support and attracted a large number of buy orders on the Fixed Range Volume Profile chart. If maintained above this level, USELESS could bounce back to 0.37 USD.
"The support area at 0.20 USD shows significant interest from investors; if maintained, it could open up short-term reversal opportunities for USELESS Coin."
- TradingView, Technical Analysis, 2024
If it fails to hold above this support, USELESS may continue to adjust down to 0.15 USD or 0.10 USD.
What leads to the potential reversal at these support levels?
Large capital inflows into USELESS Coin at low price levels are seen as potential momentum for a reversal, especially with the participation of large institutional investors and whales.
According to on-chain data from Stalkchain, a wallet related to the Hyperliquid exchange converted approximately 460 thousand USD of Fartcoin into USELESS Coin. At the same time, institutional capital inflows reached 56.3 million USD (source: Nansen). Active whales also added about 260 thousand USD while new whales participated with an additional 17 million USD.
Additionally, over 2.40 million USD has been withdrawn from CEX exchanges as market makers like Wintermute accumulate during the price decline. However, the strong involvement of market makers has also raised concerns among some investors about the risk of price manipulation.
How does the capital flow from Hyperliquid and whales affect USELESS Coin?
The wallet related to Hyperliquid converting a large amount of Fartcoin into USELESS Coin has created new buying pressure, boosting confidence for many traders following the large capital flows.
Data shows that institutional investors are also increasing purchases, leading to stable buying power as the total institutional capital flowing into USELESS Coin reaches 56.3 million USD (Nansen, 2024). Whales are accumulating significantly above the market average, and coin withdrawals from exchanges are also increasing, indicating that large investors expect price recovery potential. However, caution is still needed with strong fluctuations if support is not maintained.
What is the current number of holders and trading volume of USELESS Coin?
The number of holders of USELESS Coin continues to steadily increase across all time frames, even as the price adjusts and the overall market declines.
In the past 7 days, the number of holders increased by 2.63%, reaching a total of 32,453 wallets (Stalkchain, 2024). USELESS Coin has become one of the most actively traded memecoins, only ranking behind Official Trump and Fartcoin. The daily net trading volume reached 44 million USD at the time of the update, 8 million USD lower than Fartcoin.
Comparison table of top memecoins regarding trading activity and number of holders:
Memecoin Number of holders Daily trading volume (USD) Official Trump (TRUMP) 36,000+ 52 million Fartcoin 33,400 52 million USELESS Coin 32,453 44 million
What is the market capitalization value of MEMECOIN and its impact on USELESS Coin?
The total market capitalization of memecoins reached 67.12 billion USD, down 1% in 24 hours. The overall trading volume in the sector decreased by 28.48%, down to only 6.43 billion USD.
Although the entire memecoin sector is sharply declining, USELESS Coin remains one of the most关注的 groups as trading volume and the number of holders have increased positively. The selling trend is creating short-term downward pressure, but large capital flows from institutions, whales, and technical signals indicate a potential reversal could occur when combined with favorable conditions.
What signals indicate the potential recovery of USELESS Coin?
Some technical and on-chain data such as large trading volumes at support levels, new capital flows from whales/institutions, and the steady increase in the number of holders are factors reflecting the expectation of recovery in the price of USELESS Coin.
However, experts all note that these signals need further confirmation before making investment decisions, as the market remains extremely volatile and short-term sentiment is not truly optimistic.
"Increased whale activity is often a speculative sign; small investors should cautiously monitor fluctuations and confirm technicals before participating."
- Nansen reports on the memecoin market, 2024
Conclusion: What prospects does USELESS Coin have in the current context?
Although USELESS Coin is facing significant short-term selling pressure and has yet to establish a clear upward trend, factors such as large capital flows from institutions/whales, growth in the number of holders, and technical signals at crucial support areas still keep this coin among the most attractive memecoins in terms of liquidity.
For investors and traders, it is important to closely monitor the effects of large capital flows and technical reversal signals to make appropriate decisions and mitigate risks before confirming a new direction from the market.
Frequently asked questions
Which top memecoin does USELESS Coin currently rank in terms of trading and number of holders?
USELESS Coin ranks among the top 3 memecoins in terms of the number of holders and active trading, only behind Official Trump and Fartcoin in the past week (Source: Stalkchain, 2024).
What caused the recent sharp decline in the price of USELESS Coin?
The price drop is due to profit-taking selling pressure after reaching a new peak along with general pressure from the declining memecoin market capitalization, although institutional capital continues to flow in.
How do capital flows from whales and institutions affect the trend of USELESS Coin?
Large capital inflows help maintain the price at strong support levels, creating a foundation for a potential reversal if buying pressure exceeds selling pressure in the market.
Is the trading volume and number of holders of USELESS Coin increasing?
Indeed, both the number of holders and the trading volume of USELESS Coin have been steadily increasing, indicating a growing interest from the community and capital flows.
When should investors consider participating in USELESS Coin?
Further confirmation signals of a sustainable reversal from price and volume are needed, especially when key support levels are held. It is advisable to consult experts and closely monitor the effects of large capital flows before making decisions.
Source: https://tintucbitcoin.com/useless-coin-se-phuc-hoi-037-usd/
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