USELESS Coin Rises 15% Amid Mixed Signals in Futures Positions

USELESS Coin has risen more than 15% over the past 24 hours amid a general downturn in the cryptocurrency market. Technical analysis shows mixed signals, with support and resistance levels on the chart diverging from futures market positioning.

AMBCrypto reported on July 17 at 3:00 AM KST that USELESS Coin outperformed Bitcoin (BTC), Solana (SOL), Dogecoin (DOGE), and Pepe (PEPE) with returns of 14.28%, 16.83%, 15.65%, and 15.08% respectively, reflecting market conditions at the time of analysis.

The chart indicates that USELESS Coin broke above a triangle consolidation pattern near the upper boundary, attracting buying pressure around the $0.20 demand zone. A green MACD crossover was noted as a short-term bullish signal. However, resistance remains above price, with $0.33 identified as the next resistance level and the all-time high of $0.4375 still requiring additional selling pressure to overcome.

In futures markets, Binance's 4-hour session showed CVD (Cumulative Volume Delta) data indicating $11 million in USELESS Coin bought over that period. This metric reflects the difference between buy and sell orders but does not independently determine price direction. The long-short ratio based on account counts stood at 0.8723, suggesting more short positions overall, while top trader accounts showed a ratio of 0.7915 for accounts and 1.2388 for position size, indicating larger long positions among major players.

Investors should exercise caution as USELESS Coin shares its ticker with another project on Solana that claims to be a counterfeit version using the same name and logo. Always verify contract addresses and exchange listings before making trading decisions.