The USELESS currency has seen a price drop, forming a lower peak and retesting a key support level. Meanwhile, a portfolio linked to Hyperliquid exchanged its holdings of Fartcoin for USELESS, indicating a strategic shift.
At the time of publication, the market cap of the meme coin was 67.12 billion USD, down 1% over the past 24 hours. Daily trading volume sharply decreased to 6.43 billion USD, down 28.48%.
The USELESS currency was among the biggest losers of the day, dropping by more than 10%.
While its price continues to weaken, on-chain indicators suggest there may be more to the story, providing traders with a new perspective on the recent decline.
Predictions for USELESS currency prices
The USELESS currency showed a downward price trend on the three-hour chart. After reaching new all-time highs in July, the memecoin saw a sharp decline when it surpassed the 0.40 USD level.
The cryptocurrency closed below its low of 0.24 USD, thereby invalidating its previous bullish structure. Nevertheless, interest renewed after its listing on Binance and Coinbase, briefly driving its price up to 0.37 USD.
Since then, USELESS has been in a steady downward trend.
At the time of this report, the MACD indicator remained bearish, although the fading momentum is evident as the indicator lines approach a potential crossover.
The On-Balance Volume (OBV) reached 360 million dollars, still in negative territory, reflecting weak buying pressure.
However, price movements around the key support area at 0.20 USD indicate a potential shift.
The first touch of this level was met with strong rejection, an early signal that buyers may intervene.
Useless currency
Source: TradingView
According to the fixed trading volume profile, this area has attracted significant buyer interest. The frequency of long buy orders around this area may reflect the current decline to 0.37 USD and above.
Conversely, failing to stay above the price level could lead to a decrease in the price of USELESS to 0.15 USD and 0.10 USD.
What could lead to a reversal at these levels?
Significant financial bets on meme coin
According to on-chain data, institutions and whales have returned to betting on the meme coin.
According to Stalkchain data, a wallet linked to Hyperliquid exchange [HYPE] swapped around 460 thousand dollars worth of Fartcoin [FARTCOIN] for Useless coins.
Their inflows created sustained buying pressure as institutional purchases reached 56.3 million dollars according to Nansen data.
Useless
Source: Stalkchain
As for the whales, both active and new whales have also engaged. Active whales added inflows of around 260 thousand dollars, while new whales pumped 17 million dollars.
Data showed a withdrawal of 2.40 million dollars from centralized exchanges (CEXs), as major traders and Wintermute gathered more funds during the decline. However, the market maker's intervention raised some concerns.
The final snapshot
Furthermore, the number of USELESS holders has steadily increased across all time frames. Over the past week alone, the number of holders rose by 2.63%, bringing the total to 32,453.
This surge in interest has placed USELESS Coin among the most traded coins, ranking second after Official Trump [TRUMP] and Fartcoin.
Its daily net trading volume reached 44 million dollars at the time of this report, trailing Fartcoin by only 8 million dollars.
Despite this increasing activity, the currency still faces selling pressure, making its short-term trend uncertain. However, signs of a potential reversal are beginning to appear.
However, these signals need further confirmation before taking any decisive action.
