Useless Coin, a meme coin built on the Solana blockchain, reached a record price of $0.1462 on June 24, driven by a recent surge in the cryptocurrency market.
Sharp Rise of Useless Coin
Useless Coin ([USELESS]) reached an all-time high of $0.1462, representing a 2470% increase from its lowest point this month. The token's market capitalization has exceeded $133 million.
Factors Influencing the Surge
The increase in token price occurred amidst a rise in Bitcoin ([BTC]) and most altcoins following a truce between Israel and Iran. The bullish trend was also noted after statements from two Fed officials, Christopher Waller and Michele Bowman, regarding a potential 0.25% interest rate cut in the July meeting.
Technical Analysis of Useless Coin's Price
The four-hour chart shows that Useless Coin has been in a strong bull run. The token has climbed from a low of $0.00546 in June to a high of $0.1462. It has also broken above the upper side of an ascending channel and is in overbought territory according to the Relative Strength Index and Stochastic Oscillator, suggesting a possible pullback.
In conclusion, Useless Coin is exhibiting notable growth, but historically such spikes may be short-lived, which potential investors should consider.
