Useless Price Forecast: USELESS poised for another breakout as Korea’s Upbit exchange announces listing
- Useless gears up for a short-term breakout above $0.32 after rising by 12% so far on Tuesday.
- Upbit crypto exchange announces support for USELESS trading across key trading pairs including KRW, BTC and USDT.
- Useless maintains a bullish technical structure, supported by uptrending major moving averages.
Useless (USELESS) extends its upward trajectory, trading above $0.26 on Tuesday. The meme coin shows strong breakout potential after establishing firm support at $0.20, following an impressive 260% rally from lows near $0.15 on September 1 to a peak of approximately $0.32 last Saturday.
A decisive move above the critical $0.30 resistance level would reinforce the bullish sentiment and significantly improve the probability of a continued rally toward the $0.40 mark.
Upbit lists USELESS increasing exposure
Upbit, one of South Korea’s leading cryptocurrency exchanges, has announced support for USELESS starting Tuesday. The listing features key trading pairs, including Bitcoin (BTC) and Tether (USDT) on the Solana (SOL) network.
"Deposits from exchanges not included on Upbit’s approved Virtual Asset Service Provider (VASP) list cannot be credited, and return procedures may take a long time,” Upbit cautioned.
As for private wallets, the exchange said that deposits and withdrawals are allowed only for accounts that have completed ownership verification. At the same time, users may be asked to provide source-of-funds verification for high-value transactions.
Despite the listing, the derivatives market shows declining retail demand, with futures Open Interest (OI) softening to 461 million USELESS on Tuesday, down from 483 USELESS million the day before and 638 million USELESS last Wednesday. If the sell-off in the derivatives market persists, USELESS may lack the tailwind needed to sustain a continued uptrend.
Technical analysis: USELESS retains bullish control
USELESS hovers significantly above the recently established support at $0.20 while bulls aim for a short-term breakout beyond $0.30. The meme coin also sits above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day and 200-day EMAs, reinforcing the bullish outlook.
The path of least resistance remains upward, backed by a positive Moving Average Convergence Divergence (MACD) histogram. A breakout above the next supply at $0.30 would affirm the bullish grip, but failure to extend the recovery above the current pivotal level at $0.26 could trigger a sell-off and a retest of support at $0.20.
As long as USELESS holds above the moving average cluster between $0.08 and 0.15, dips would be treated as healthy corrections within a broader bullish outlook rather than a full-fledged sell-off.
Open Interest, funding rate FAQs
Higher Open Interest is associated with higher liquidity and new capital inflow to the market. This is considered the equivalent of increase in efficiency and the ongoing trend continues. When Open Interest decreases, it is considered a sign of liquidation in the market, investors are leaving and the overall demand for an asset is on a decline, fueling a bearish sentiment among investors.
Funding fees bridge the difference between spot prices and prices of futures contracts of an asset by increasing liquidation risks faced by traders. A consistently high and positive funding rate implies there is a bullish sentiment among market participants and there is an expectation of a price hike. A consistently negative funding rate for an asset implies a bearish sentiment, indicating that traders expect the cryptocurrency’s price to fall and a bearish trend reversal is likely to occur.
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Past performance is not a reliable indicator of future performance and/or results. Forward-looking scenarios or forecasts are not a guarantee of future performance. Actual results may differ materially from those anticipated.
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