Useless Coin has been under pressure again even after showing signs of a trend change. In the past day the price fell more than twelve percent and the daily trading volume also dropped. It went down by about nineteen percent to around twenty eight million. This fall came at a time when many traders expected the coin to move higher after breaking out of a long downtrend.
For many weeks the price had been falling. The drop started in the middle of October when the coin was close to zero point four five. Near the end of November the price finally broke out of that falling line. It stayed above it which is normally a sign of strength. But even with this shift the coin could not move up with confidence. Sellers were active around the level of zero point one three six and they kept stopping every try from buyers.
Because of this the price started moving sideways. This is a period where the market pauses after a breakout. It can act like a test to see if the new trend is real. If the price stays above the old resistance then the change becomes more clear. Some signals on the chart showed that buyers still had control. One of these signals was the MACD which leaned toward buyers.
But the volume told another story. The CVD showed that sellers were more active during the day. Buyers were slowing down and money going out was more than money coming in. This showed that the breakout was not strong because it did not have enough support from volume.
Liquidity also became a big factor. There is a large amount of short positions around the price of zero point one five. If the price goes up to that area many short trades will be forced to close. This can create a short squeeze and push the price higher. Sellers want to stop this from happening so they defend the zero point one three six area.
There are also heavy buy orders near zero point zero nine eight. There are short positions with high leverage around zero point one two two. This creates a range between zero point zero nine two and zero point one three eight where the price keeps getting stuck. If the market follows the liquidity the first target would be zero point one five. But if sellers take control again the price could fall below zero point one one.
Another problem for Useless Coin is the large exits by whales and smart traders. In the past week the coin was one of the most sold memecoins on the Solana network. Big holders sold more than two hundred thirty three thousand worth of the coin. This made it the third most sold memecoin. Other coins like Pippin and Bonk also faced strong selling. This shows that many traders are moving out of memecoins and putting money into safer assets. These exits make it hard for the breakout to continue.
For now traders need to watch the outflows and the seller control in the volume. Even though buyers broke the old trend the market shows mixed signs. The coin is stuck between pressure from sellers and weak support from buyers.
Useless Coin is in a difficult position. The breakout gave hope but the selling and the lack of strong volume have slowed everything down. The next move will depend on who controls the liquidity and whether buyers can return with enough strength to break the range.
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