Useless Coin [USELESS] surged to a 10-month high of $0.286 on Friday, September 4, marking a 300% weekly rally from $0.06. The memecoin gained 5,000 new holders, boosting demand. However, in the past 24 hours, USELESS dropped 12.1% as Open Interest fell 20%, signaling overextended conditions. Analysts note intense buying pressure, with CMF at +0.36 and OBV trending higher since March. The token may be entering a pullback, with key support at $0.131 and demand zones at $0.213 and $0.176. Traders are advised to wait for a retracement, as memecoin rallies can retrace fully.
On Friday, September 4, Useless Coin [USELESS] reached a high of $0.286, a 10-month high for the memecoin that had been in a bearish slump since October 2025. The token added 5,000 new holders, which showed adoption and can help boost demand even more.
Aggressive spot buying activity and high derivatives trading activity helped sustain the recent move’s momentum. The token rallied 300% in a week, from $0.06 to $0.265.
In the past 24 hours, Useless Coin was down by 12.1%, with a 20% decline in Open Interest. The overextended bullish market conditions were being met with pushback, and the memecoin could be entering a pullback phase.
The CMF on the daily timeframe was at +0.36, the highest in the recorded data on Kraken. The OBV has been trending higher since March and made another strong leg higher in recent weeks.
Buying pressure was intense; the indicators agreed. So was the momentum, which might already be overextended.
With memecoins and parabolic rallies, trying to time the top could be incredibly risky. Holders can instead opt to take profits and try to re-enter long positions in case of a pullback.
As the downtrend’s latest swing low, the $0.131 level was a critical support. During this rally, Useless Coin bulls did not stop anywhere for a meaningful amount of time for analysts to point to as an obvious support zone.
The 2-hour chart showed the RSI was cooling down. There was a hidden bullish divergence on this timeframe, which could be followed by another move higher.
In case of a pullback, the $0.213 and $0.176 levels are the demand zones to watch. A price dip to $0.130 would also likely offer a buying opportunity.
However, holders should remember that memecoin rallies can end up retracing the full move. They aren’t driven by fundamentals but only by sentiment, and sentiment can be fickle at times.
