Memecoins are like moody teenagers-only one step away from either toppling off a cliff or reaching celestial heights. Recently, it’s been more “cliff” than “stars,” especially for Useless Coin [USELESS], who decided to perform a less-than-graceful dip, dropping a “cozy” 12% in just 24 hours. And like that awkward scene at dinner when you realize you’ve just put your foot in your mouth, USELESS broke its own trendline support.
USELESS Coin Breaks Trendline Support Like A Glass Window
Looking at the price action charts, USELESS tore through an ascending trendline support like a toddler on a rampage-all since the start of this month! In early January 2026, it reached $0.12, only for the bulls to fail spectacularly at maintaining that level. Oh, and the MACD decided to lean quite bearishly, while its momentum seemed busy snoring. Meanwhile, the Money Flow Index (MFI)… well, let’s just say it had its best days behind it, plummeting from a sunny 77 to a dismal 35.
If this tumble party keeps up, we might see USELESS sadly lingering around $0.06958, the site of its former glory. But a hero might just show up, in the form of bulls, to save the day-or make it even worse!
Institutions Drop Coins Like Hot Rocks
On-chain data revealed institutions getting all panicked, cashing out like it’s Black Friday. Wintermute offloaded a cool $131K of their USELESS stash, while Coinbase seemed to have picked up a few extra winter coats worth $500K. That’s over $600K wound up for selling, folks! But not to be outdone, Kraken was busy swiping more than $194K into their cold wallets. Apparently, it sees potential or is just trying to reclaim its dignity.
So, the bigwigs’ sentiments were as mixed as a TV chef’s mood swings. But selling apparently won the day, as the Long/Short Ratio was unenthusiastically hovering around 0.9.
Volume & OI: A Hairy Tale of Descent
Data-wise, USELESS seemed set on proving gravity wrong by really embracing descent. Open Interest (OI) dropped like a stone from $40 million to $33 million within a day. Fancy that! Volunteers in trading volume weren’t far behind, plummeting from $122 million down to $82 million. As if to remind us that in some tales, even rain follows the sun.
On another somber note, the maximum liquidation pain confidently signaled a potential short squeeze should USELESS dare to flirt again with $0.1242. But if USELESS chose to continue its plunge past $0.1020, bulls might have reason to weep.
Could this be the end of the USELESS rally, or just a pause before the comeback tour? Well, while institutions yawn and exchange worryingly, the memecoin circus has already added a baffling $8 billion to its total cap.
Final Thoughts
- USELESS had a 12% crash that could be just an extended siesta. Also, quite possibly the nerdiest nap ever.
- Institutions cashed out in droves while the volume and Open Interest sulked, and some shorts seemed to have quite the field day with it.
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2026-01-09 07:07