Social chatter fuels USELESS Coin’s 18% rally: More upside ahead IF…

Key Takeaways

USELESS surged 18%, OBV improved, and Open Interest recovered to $27.37 million. Will weak volumes stall USELESS Coin’s breakout momentum, or can Smart Money inflows keep fueling the rally?

USELESS Coin [USELESS] remained the top BONK [BONK] ecosystem token, with social sentiment still elevated. LunarCrush data showed social activity rose to 0.15% of all crypto chatter.

The community hype likely drove an 18% price jump in the past 24 hours. Even so, USELESS traded 49%, below its all-time high of $0.415 at press time.

Volume rises amidst weak momentum

AMBCrypto’s analysis of USELESS crypto on the charts exhibited that a surge followed a breakout from a falling wedge pattern. Price action was following a support trendline on the hourly chart.

The On Balance Volume was at -1.399 billion from a low of -1.788 billion. Despite this positive change, the MACD showed that buyers were in control, but their momentum was weak.

In addition to this, the wedge top near $0.36 could be a medium-term target if conditions improve.

Source: TradingView

For the memecoin to continue rising, it needs more than positive sentiment. Capital inflow, market conditions, and utility help drive prices.

On that note, USELESS crypto’s Open Interest starting bouncing back after dropping before the 18th of August. The OI reading was at $27.37 million when writing.

Bybit, OKX, and Binance led this trading activity, per Coinalyze.

Source: Coinalyze

Despite the volume rising, it was at its lowest since the 11th of August. The volume was a couple of times less than that of mid-August, when it almost reached $500 million.

The relatively low volumes make it difficult for USELESS to hit the $0.36 target fast enough.

Smart money adds exposure

What was keeping USELESS Coin’s move alive was the fact that buyers stayed grounded. It was indicated by the average Long/Short Accounts Ratio, which was at 1.539 at press time.

Similarly, the Aggregated Buy/Sell Volume indicated buyer strength. The Spot Buy Volume was at $8.07K, more than double that of sellers.

Source: Coinalyze

The memecoin also maintained consistency in terms of Smart Money recognition.

StalkChain showed $372K net buys in the past 24 hours, ranking USELESS first. It also placed second in weekly and monthly flows, behind only Fartcoin [FARTCOIN].

Attention shifts east

Bonk Guy noted rising demand from Chinese traders, who increasingly pushed for USELESS exposure.

That matched broader recognition, with traders comparing its “attention magnet” quality to Shiba Inu [SHIB] and PEPE [PEPE].

In summary, the technicals were weak to sustain a spirited rally, at least for now, despite USELESS surging 18% in the day.