In the past 24 hours, Useless Coin (USELESS) has seen a drop of over 12%, while daily trading volume also fell by 19%, down to around $28.56 million.
This memecoin is facing difficulties as the bulls encounter obstacles in their efforts to push the price up, even after breaking the previous downtrend.
Bulls Break Structure, but Bears Intervene
On the daily chart, Useless Coin has maintained a continuous downtrend since mid-October, when the price hovered around $0.45. However, in the last week of November, the price broke this trend and has stabilized above it since then, opening up an opportunity for a recovery.
Nevertheless, the bears are still holding back the upward momentum, fiercely defending the $0.1363 price zone, with daily candles closing close together, indicating market hesitation. The current sideways phase can be seen as a consolidation after the breakout, and also as an important retest opportunity. If the price remains above the previous breakout level, this will confirm a significant shift in market structure.
The MACD indicator and Cumulative Volume Delta (CVD) clearly reflect the ongoing battle between bulls and bears. The MACD currently favors the bulls, showing a buying advantage, while CVD data indicate pressure from the bears, with outflows exceeding inflows after the price broke out. Liquidity, therefore, becomes the key factor in determining the next price direction.
Source: TradingView
Currently, there is over $3.85 million in total short positions liquidated, concentrated around the $0.15 level. This is why the bears are determined to defend the $0.1363 mark, aiming to avoid mandatory liquidations that could trigger a short squeeze. Conversely, more than $2.05 million in long orders are concentrated at $0.098, along with 50X leverage short positions at $0.122, creating resistance in the $0.0925–$0.1383 range.
If the price moves toward the liquidity focal point, USELESS Coin could head toward $0.15. On the other hand, if selling pressure prevails, clusters of positions below $0.11 could be liquidated, pushing the price lower.
Source: CoinGlass
Capital Outflows from USELESS Coin Surge
In terms of capital flow, USELESS is one of the memecoins under the strongest selling pressure on the Solana blockchain over the past week. Whales and smart investors have withdrawn more than $233,000, making it the third most heavily sold memecoin on the market.
According to data from Sun Flow, PIPPIN and BONK lead the list with $643,000 and $411,000 respectively withdrawn from the market. This reflects a clear trend of capital rotation from memecoins to safer assets that are still trading at a discount. Whale outflows pose a risk of disrupting the current breakout momentum of USELESS.
Source: Sun Flow
Regarding upcoming developments, traders should pay special attention to capital outflows and the dominance of sellers in trading volume, even though the bulls have succeeded in breaking the price structure.
SN_Nour
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