Solana-based meme coin USELESS has surged more than 30% in the past 24 hours, emerging as one of the day’s top-performing digital assets.
The rally stands out as major meme assets like Dogecoin (DOGE) and Shiba Inu (SHIB) have posted losses despite the broader market upswing.
Coinbase, Binance US, Kraken Boost USELESS
The recent rally in USELESS follows a string of major exchange listings this week. Yesterday, BeInCrypto reported that Coinbase confirmed the token’s addition in an official post on X (formerly Twitter), noting that trading would commence in line with its listing roadmap.
On the same day, Binance US and Kraken also announced that they had listed the meme coin, amplifying its visibility across the market.
USELESS Price Action Stays Bullish
With market excitement buzzing around these new listings, there has been an uptick in fresh liquidity for the token. The bullish crossover of its Moving Average Convergence Divergence (MACD) confirms this capital influx.
Readings from the USELESS/USD one-day chart show the token’s MACD line (blue) sitting on top of its signal line (orange) for the first time since July 17.
For token TA and market updates: Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
The MACD indicator identifies trends and momentum in its price movement. It helps traders spot potential buy or sell signals through crossovers between the MACD and signal lines.
When it is set up this way, it signals a shift toward bullish momentum, suggesting that upward pressure is building in the USELESS market.
Further, the altcoin currently sits above its 20-day Exponential Moving Average (EMA), which forms dynamic support below it at $0.25.
An asset’s 20-day EMA tracks its average price over the past 20 trading days, giving weight to recent prices.
When the price climbs above this level, it indicates a shift towards a bullish trend. It means short-term price momentum is turning positive, with recent prices trading higher than the average price over the past 20 days.
USELESS Bulls Bet on Fresh Upside
At press time, the meme coin trades at $0.28. Sustained buying pressure could propel it toward the $0.34 mark.
However, if profit-taking sets in, the token may slip below $0.27 and look to establish support at its 20-day EMA. Failure to hold this level could see USELESS retreat further toward $0.22.
The post USELESS Defies Its Name: Meme Coin Soars 30% as DOGE, SHIB Falter appeared first on BeInCrypto.
Source link
