Useless Coin has emerged as an outlier in a broader bear market for cryptocurrencies, exhibiting remarkable growth of over 1700% in June. This article examines the reasons for this surge and the current state of the cryptocurrency.
Sharp Rise of Useless Coin
Useless Coin (USELESS) reached a record price of $0.1092 this week, up over 1750% from its lowest level in June. This occurred even as the overall cryptocurrency market declined, with Bitcoin falling from a record high of $111,900 in May to $103,000.
Investor Accumulation Data
Nansen data indicates that smart money investors have been actively buying Useless Coin. In the past 24 hours, investors purchased tokens worth over $94,000. These investors now hold over 14 million tokens, a 97% increase from last month. Additionally, whale investors have increased their exposure by 36% in the last 30 days to over 338 million tokens.
Technical Analysis of Useless Coin
The four-hour chart shows that the Useless token price surged from a low of $0.005460 to a record high of $0.1095. However, there are signs that the momentum may be waning. For instance, the Average Directional Index has dropped from a record high of 70 to 20. Both the MACD and the Relative Strength Index (RSI) also show a bearish divergence, indicating a potential price correction.
Useless Coin exhibits impressive growth amidst a downturn in other assets in the crypto market, yet there are potential indicators of trend weakening. Investors should remain cautious of shifting dynamics.
