Useless Coin Reaches 10-Month High After 300% Rally, But Is It Due for a Pullback?

Useless Coin (USELESS) has made significant gains in recent days, hitting a 10-month high of $0.286 on September 4th. The rally comes after months of bearish sentiment in the crypto market.

The memecoin added over 5,000 new holders, which could help boost demand and further drive up prices. Aggressive spot buying activity and high derivatives trading contributed to the momentum behind this move.

However, analysts warn that the rally may be overextended, with the CMF on the daily timeframe at +0.36, the highest in recorded data. The OBV has been trending higher since March, but also shows signs of a potential pullback.

The token's price has retraced 12.1% in the past 24 hours, and Open Interest has declined by 20%. This could signal that the market is due for a correction.