Useless Coin [USELESS] climbed 12.56% against the broader cryptocurrency market decline, accompanied by elevated trading activity across both spot and derivatives markets.
Spot trading volume for USELESS surged 19.04% to $19.41 million, demonstrating increased market participation during the price rally. Simultaneously, derivatives trading volume increased 13.76% to $147.39 million, with Open Interest climbing 17.92% to $79.97 million, indicating fresh capital entering outstanding derivatives positions.
Short Sellers Face Liquidation Pressure
The rally prompted significant liquidations among bearish traders. Short liquidations reached $73.36K, substantially exceeding long position liquidations of $8.91K during the 24-hour reporting period.
Major exchanges contributed to the short liquidation total: OKX accounted for $31.36K, Binance recorded $19.05K, and Bybit added $15.35K. The imbalance between short and long liquidations highlighted that the price recovery forced significantly more bearish positions out of the market.
Technical Developments
On the daily chart, USELESS broke above its descending channel following a recovery from the $0.1400 support level. The Parabolic SAR indicator remained below the prevailing market price at $0.13890, while the MACD histogram flipped to positive territory at 0.00244 as the MACD line crossed above its signal line.
The $0.20 level has emerged as the next resistance target, with $0.25 representing a further upside objective. Sustained buying pressure would be required to reinforce the recovery toward these levels, while renewed selling could push USELESS back toward the $0.1400 support area.
