The recent surge in the price of Useless Coin [USELESS] has outperformed the overall cryptocurrency market, driven by a breakout that has sparked a beta-led rally for more speculative assets.
The total market capitalization has increased by 4.2% to reach $2.91 trillion, with the Fear & Greed index currently at 78. The surge in Bitcoin’s price has been a key factor in this market momentum.
USELESS has emerged as one of the top gainers in this rally. The question now is whether the bullish momentum in the network can be sustained.
Memecoin Rotation Drives Momentum
Capital is flowing into memecoins, providing an additional boost to USELESS’s recent price gains. Memecoins like PEPE have seen significant increases in value and trading volume, indicating a rise in buying activity within this sector.
If this trend continues, Useless Coin could receive further support.
Large investors are seizing the opportunity presented by the recent bullish trend by accumulating more USELESS tokens. Currently, whales holding over $1 million worth of USELESS tokens control 57% of the total supply.
Simultaneously, USELESS’s Open Interest has surged by 11% to $70 million, indicating a rise in leveraged positions among network bulls, who control a significant portion of the network’s total supply.
Is $0.34 Achievable for USELESS?
On the daily chart, Useless Coin continues to trade above key moving averages and within the Fibonacci golden range of $0.23 to $0.25, maintaining a positive technical outlook.
A breakout from current levels could propel the price towards the $0.34 target. However, a failure to hold key support levels or a shift in market sentiment could lead to a downward consolidation.
The ongoing rally is supported by Bitcoin’s strong performance, the market cap growth, and the rotation towards memecoins.
Final Summary
- USELESS is gaining momentum as Bitcoin’s rally drives the broader crypto market, which has seen a 4.2% increase to $2.91T.
- The rotation towards memecoins and the high risk appetite could push the price towards the $0.34 target as long as Useless maintains its position above key moving averages.
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