Useless Coin [USELESS] experienced a 20% price drop over 24 hours, retracing part of an extraordinary 529% monthly price advance. Alongside the price correction, trading volume decreased by 13.65% to $157.63 million as the asset pulled back from its recent highs, though it still retained substantial gains from its monthly expansion.
The correction was accompanied by a significant collapse in derivatives metrics. Open Interest dropped 28.46% to $115.29 million, reflecting aggressive position closures and exposure reductions. Derivatives volume also declined by 13.34% to $1.04 billion. Total 24-hour liquidations reached $2.75 million, with long positions accounting for $1.53 million and short liquidations totaling $1.22 million, leaving bullish positions with greater losses. Meanwhile, Binance top-trader positions maintained a slightly long bias at 1.0787.
Spot market activity added further supply pressure during the derivatives shakeout. USELESS recorded approximately $5.09 million in inflows against $4.29 million in outflows, resulting in a positive netflow of roughly $780.88K. This indicated that exchange-side supply increased while prices faced downward pressure from derivatives deleveraging.
On the 24-hour chart, the price retreated toward the $0.19109–$0.235 demand zone following a rejection at the $0.32881–$0.33665 supply region. Trading around $0.23026, the asset faced a key technical test. The Relative Strength Index (RSI) fell to 46.37, moving below its 57.92 average to signal weaker buying strength, while the Parabolic SAR remained positioned above the price near $0.32881 to maintain a bearish outlook.
Market watchers note that a strong defense of the current demand zone could pave the way for a recovery attempt toward the $0.27522 level, potentially opening the door to challenge higher resistance zones. Conversely, a breakdown below the $0.19109 support level would undermine recovery efforts and expose the token to a deeper retracement.
