At press time, the memecoin market cap stood at $67.12 billion, reflecting a 1% decline over the past 24 hours. Daily trading volume dropped sharply to $6.43 billion,a 28.48% decrease.

Useless Coin [USELESS] was among the day’s biggest losers, falling over 10%. 

While its price continues to weaken, on-chain indicators suggest there may be more to the story, offering traders a fresh perspective on the recent downturn.

USELESS coin price predictions

USELESS Coin has shown bearish price action on the 3-hour chart. After reaching new highs throughout July, the memecoin experienced a sharp decline once it crossed the $0.40 mark.

The coin closed below the higher low of $0.24, invalidating its previous bullish structure. However, renewed interest followed its listing on Binance and Coinbase, briefly pushing the price up to $0.37. 

Since then, USELESS has been in a steady downtrend.

At the time of writing, the MACD remained bearish, though fading momentum is evident as the indicator lines approach a potential crossover. 

On-Balance Volume (OBV) sat at $360 million, still in negative territory, reflecting weak buying pressure.

That said, price action around the key $0.20 support zone suggested a possible shift. 

The initial touch of this level was met with strong rejection, an early sign that buyers may be stepping in.

As per the Fixed Range Volume Profile, the zone attracted the most interest from buyers. Historical repetition of long orders around this zone could reverse the current downturn back to $0.37 and beyond.

Alternatively, failure to hold above the price level could see price of USELESS drop to $0.15 and $0.10.

What could drive a reversal around these levels?

Big money bets on the memecoin