The USELESS price has increased by 30%, but can the bulls break through the 0.05 USD mark?

The cryptocurrency market experienced a positive trend throughout the weekend, closing both sessions in the green. The memecoin group became the focal point, leading the overall market rally, with Useless Coin (USELESS) surging over 30% within 24 hours.

This impressive increase propelled USELESS to the top position in the top 500 cryptocurrencies by market capitalization, based on daily performance.

Not only did the price rise sharply, but the trading volume of this memecoin also exploded, increasing approximately 243%. Notably, the trading volume-to-market cap ratio reached 69% at the time of recording — a sign that liquidity is quite abundant.

However, besides the volume factor, are there other drivers that contributed to USELESS’s strong upward momentum during this period?

What do the indicators say about Useless Coin?

On-chain data shows that USELESS is entering an active trading phase, with intense buying and selling activity. Notably, the bulls are clearly dominant when considering trading volume.

Specifically, most buy orders are valued at over $20,000, while sell orders range from a few hundred to several thousand dollars. The buying momentum is further reinforced when a prominent figure within the Solana ecosystem invested about $100,000 into USELESS.

Source: Stalkchain On the other hand, the most notable sell transaction recorded was $43,000, but it did not cause significant price fluctuations. This indicates that whale actions are somewhat polarized and not yet strong enough to reverse the overall trend.

This picture is also reflected in the Long/Short ratio, which increased from 0.91 to 1.01. Among exchanges, Bybit leads with a ratio of 2.26, followed by Binance and OKX, both maintaining above 1.50.

Nevertheless, selling pressure still appears on some platforms. For example, data from Gate.io shows many traders taking profits or adjusting their positions, causing the Long/Short ratio to drop to just 0.625.

Source: CoinGlass Overall indicators suggest that the bulls still control the market, but bearish activity on Gate.io could pose a potential risk factor in the near future.

Can the bulls break through the $0.05 resistance level?

From a technical perspective, Useless Coin is sending quite optimistic signals. The price momentum indicator is improving significantly, continuing to rise and reaching 0.01 — slightly above the neutral zone, indicating that buying pressure is gradually gaining dominance.

This upward trend follows a prolonged accumulation phase, where the price moved sideways within a narrow range from $0.029 to $0.036, reflecting market consolidation before a new volatility wave.

Alongside the price movement, open interest (OI) has also increased notably. At the time of observation, OI surpassed $100 million, indicating strong influxes of speculative capital, just as USELESS approaches a critical test around the $0.05 mark.

Source: TradingView Only by successfully breaking through this resistance zone can the memecoin have a chance to extend its rally toward the $0.07 level.

However, to confirm a genuine trend reversal in the long term, the price needs to surpass the $0.13 level — a strong resistance on the daily chart, which has repeatedly halted recovery since mid-November last year.

To realize this scenario, Useless Coin would need to increase by approximately 168%, a significant challenge. This requires sustained and strong buying pressure from the bulls; otherwise, the coin is likely to remain within its current downtrend zone.

SN_Nour