On Friday, the 4th of September, Useless Coin [USELESS] reached a high of $0.286. This represented a 10-month high for the memecoin, which has been in a bearish slump since October 2025, much like most of the crypto market.
AMBCrypto reported that USELESS 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 moves momentum. The token had 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.
How deep can the USELESS price retracement go？
Source: USELESS/USDT on TradingView
The CMF on the daily timeframe was at +0.36, the highest in the recorded data on Kraken, per TradingView. The OBV has been trending higher since March and has 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 downtrends 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.
Traders call to action- Wait for a retracement
Source: USELESS/USDT on TradingView
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.
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However, holders should remember that memecoin rallies can end up retracing the full move. They arent driven by fundamentals but only by sentiment, and sentiment can be fickle at times.
Final Summary
- Useless Coin has rallied 300% in a week.
- The memecoins rally was accompanied by intense buying pressure, but it could be overextended and due for a pullback.