Useless Coin [USELESS] has dropped approximately 13% in the past 24 hours as selling pressure intensifies. Despite the bearish short-term movement, technical analysis reveals oversold conditions that historically precede rebounds.
Oversold Territory Signals Reversal Potential
Chart analysis shows USELESS has fallen into the lower band of the Bollinger Bands, a level indicating heavy selling pressure. When assets enter this zone, they are considered oversold, which has historically preceded upward reversals.
If a rebound occurs, potential targets include the middle band around $0.22 and the upper band at $0.33, with prices potentially extending beyond those levels.
Accumulation Indicators Show Bullish Pressure
The Accumulation/Distribution indicator has ticked slightly upward to approximately 815.15 million USELESS in weighted volume over the past day, suggesting moderate bullish sentiment.
Spot market data indicates continued accumulation over more than 36 hours. The total Spot Net Inflow reached roughly -$432,000 at press time. A negative net inflow signals that more USELESS is moving from exchange wallets into private wallets, indicating investors are buying and holding for longer periods rather than selling.
Mixed Signals from Whale Positions
Large traders, or whales, show bearish positions on Binance and OKX, which could slow a potential rally. However, the Long/Short Ratio across all venues where USELESS trades stands at 1.05, indicating overall bullish consensus despite whale positioning concerns.
