Useless Coin [USELESS] has recorded significant gains over the past 24 hours, beating the overall crypto market as its breakout has triggered a beta-led rally for the more speculative assets.
Market capitalization of the overall market has risen by 4.2% to $2.91 trillion, and the Fear & Greed index stands at 78. Bitcoin’s breakout has been the key catalyst here.
USELESS sits high among the top beneficiaries too. But can the network’s bulls hold the momentum going?
Memecoin rotation adds momentum
Capital is also rotating into memecoins, giving USELESS an additional catalyst for its recent gains. PEPE and other memecoins have shown good gains along with high trading volumes, indicating that buying activity has increased in the space.
Useless Coin may see further support if this trend continues.
Whales are taking advantage of the recent bullish push by bagging more orders. At press time, the total supply held by whales with more than $1 million worth of USELESS tokens stood at 57%.
At the same time, USELESS’ Open Interest recorded an 11% daily surge to $70 million. This highlights an increased leveraged position with the network bulls at the helm as they control the largest share of the network’s total supply.
Can USELESS reach $0.34?
On the daily chart, Useless Coin continues to trade above its key moving averages while respecting the Fibonacci golden range between $0.23 and $0.25, keeping the broader technical structure constructive.
An eventual reversal out of present levels would improve the bounce and bring the $0.34 price target into focus again.
However, failure to defend its moving average support level or a reversal in overall market sentiment would detract from the technical setup, leading to further consolidation lower.
At the moment, Bitcoin’s strong advances, increasing market cap, and memecoin rotation continue to support the present rally.
Final Summary
- USELESS gains as Bitcoin’s gain lifts the broader crypto market, which has climbed 4.2% to $2.91T.
- The memecoin rotation and strong risk appetite could support a move toward the $0.34 target while Useless holds above key moving averages.
