Useless Coin (USELESS) fell 20% in 24 hours, ceding part of its 529% monthly rally as leveraged positions unwound. Open Interest dropped 28.46% to $115.29 million, and total liquidations reached $2.75 million, with longs bearing $1.53 million in losses. Spot inflows exceeded outflows by $780,880, adding supply pressure. The token traded near $0.23026, testing a demand zone between $0.19109 and $0.235. Technical indicators showed weakened buying strength, with the RSI at 46.37 and the Parabolic SAR bearish above price. A defense of the demand zone could support a recovery toward $0.27522, while a break below $0.19109 would expose USELESS to deeper retracement.
Useless Coin [USELESS] retraced part of its extraordinary 529% monthly price advance, plunging 20% in 24 hours as derivatives deleveraging sharply intensified selling pressure. Trading volume also declined 13.65% to $157.63 million as USELESS pulled back from recent highs.
During the price retracement, the Open Interest dropped 28.46% to $115.29 million, reflecting considerable position closures. Derivatives volume had also declined 13.34% to $1.04 billion. The Open Interest fell faster than the volume, showing aggressive exposure reductions rather than declining market participation alone.
Total 24-hour liquidations reached $2.75 million, with longs accounting for $1.53 million against short liquidations at $1.22 million, leaving bullish positions with greater losses. The Binance top-trader positions held a slightly long bias at 1.0787, suggesting further deleveraging could extend volatility.
Spot activity introduced additional supply pressure. USELESS recorded approximately $5.09 million in inflows versus $4.29 million in outflows, resulting in a positive net flow of around $780,880. The divergence implied exchange inflows exceeded outflows, increasing exchange-side supply while price faced pressure from derivatives deleveraging.
On the 24-hour chart, USELESS price retreated toward the broader $0.19109–$0.235 demand zone after rejection at the $0.32881–$0.33665 supply region. At the time of analysis, USELESS traded around $0.23026, placing buyers directly against a significant technical structural test.
The RSI fell to 46.37, below its 57.92 average, highlighting weaker buying strength after the previous rally. The Parabolic SAR also sat above price near $0.32881, maintaining a bearish price outlook.
A strong defense of the demand zone could support another price recovery attempt toward the $0.27522 zone. A break below the $0.19109 support level would instead weaken the recovery attempt and expose USELESS to a deeper price retracement.
