USELESS Coin Reclaim? Data Suggests 10% Drop May Be a Buying Opportunity

USELESS Coin took a 10% hit, but data hints at a possible reclaim. Is this a dip to buy or a sign of more pain to come?

USELESS Coin Reclaim? Data Suggests 10% Drop May Be a Buying Opportunity

USELESS Coin's recent 10% dip has raised eyebrows, but on-chain data suggests a potential buying opportunity. Is this the calm before the storm, or a chance to snag some cheap memecoins?

USELESS Coin's Wild Ride: A Technical Overview

USELESS Coin has been on a rollercoaster. After hitting new highs in July, it took a nosedive past the $0.40 mark. The coin's price action on the 3-hour chart has been undeniably bearish, breaking below the $0.24 support level. But hold up, not all hope is lost!

On-Chain Data: Whales and Institutions Enter the Fray

Here's where things get interesting. Despite the price drop, on-chain data reveals that big players are making moves. A wallet linked to Hyperliquid exchanged around $460,000 worth of Fartcoin for USELESS. Institutional buying hit a whopping $56.3 million, and whales, both active and new, are jumping in with significant inflows. Are they seeing something we're not?

Key Support Level: The $0.20 Zone

The $0.20 support zone seems to be a battleground. The initial touch of this level saw strong rejection, indicating that buyers are stepping in. According to the Fixed Range Volume Profile, this zone has historically attracted a lot of buyer interest. A potential reversal back to $0.37 and beyond isn't out of the question.

Holder Count on the Rise: Community Still Strong

Despite the selling pressure, the number of USELESS Coin holders continues to climb. In the past week alone, the holder count increased by 2.63%, reaching a total of 32,453. USELESS Coin is also among the most actively traded memecoins, trailing only Official Trump and Fartcoin in daily net trading volume. That's a pretty dedicated community!

The Million-Dollar Question: Buy the Dip or Bail?

So, what's the verdict? The data paints a mixed picture. While the price has taken a hit, institutional and whale activity, coupled with a growing holder base, suggests that USELESS Coin might have some fight left in it. The $0.20 support level is crucial. If it holds, we could see a rebound. If it breaks, things could get ugly.

Final Thoughts: Proceed with Caution (and Maybe a Little Excitement)

USELESS Coin's recent dip could be a golden opportunity, but it's essential to tread carefully. Keep an eye on that $0.20 support, and don't bet the farm on a memecoin. After all, in the wild world of crypto, anything can happen. Good luck, and may the odds be ever in your favor!