Useless Coin (USELESS) Set to Rally as Momentum Builds Post-Crash

KEY TAKEAWAYS

Useless Coin (USELESS) is close to an all-time high price.
The price attempts to break out from the $0.39 resistance area.
Can USELESS push through and break out above this resistance?

Useless Coin (USELESS) is edging closer to reclaiming its all-time high after a sharp recovery from last week’s crash.

The price tests the $0.39 resistance level, a key zone that could determine whether the rally continues.

Let’s examine the charts and determine if USELESS can break out of its long-term resistance.

USELESS Nears All-Time High

The USELESS price remained low for a long time after reaching its all-time high of $0.44 in July.

After a 60-day decline, the USELESS price fell to a low of $0.40 before bouncing and breaking out from its corrective trend line.

Considering this trend line, last week’s crash was simply a retest of this resistance and its validation as support.

After doing so, USELESS bounced, creating a long lower wick (green icon) and moving higher.

Today, the USELESS price attempts to break out from the $0.39 horizontal resistance area.

USELESS/USDT Daily Chart | Credit: Valdrin Tahiri/TradingView

If successful, the USELESS meme coin could reach a high of $0.63, reaching the 1.61 external Fibonacci retracement resistance.

Momentum indicators support the rally. The Relative Strength Index (RSI) is above 50, and the Moving Average Convergence/Divergence (MACD) is positive.

The USELESS price prediction is bullish, and a breakout above $0.39 could potentially take the price significantly higher.

Short-Term Retracement

While the long-term USELESS price prediction is bullish, the short-term is not.

The hourly price analysis shows that USELESS has completed a five-wave upward movement since the Oct. 10 crash.

Since wave five has nearly ended, a significant correction could occur soon.

USELESS/Hourly Chart | Credit: Valdrin Tahiri/TradingView

Additionally, the hourly RSI has generated a bearish divergence within overbought territory.

Therefore, the USELESS price could begin an A-B-C correction soon, targeting the 0.5-0.618 Fibonacci retracement support levels at $0.276-$0.300.

After the correction, USELESS could surge again, moving above its all-time high price.

Correction Before New Highs

Useless Coin may fall off in the short term, returning to its support levels around $0.276-$0.300.

However, the long-term trend remains bullish. If useless breaks out above $0.39, it could move to new highs, potentially reaching $0.63.