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The Useless Coin price has skyrocketed 1,543% in the last fortnight despite a 4% drop in the past 24 hours to trade at $0.09044 as of 6:17 a.m. EST as some traders book their profits from the recent rally.
Behind the surge in the USELESS price are South Korean Key Opinion Leaders (KOLs), who have been promoting the crypto since its early stages.
According to Bradley Park, a Seoul-based analyst with DNTV Research, these KOLs are now just holding until the token gets listed on a centralized exchange, since there is no adequate offramp available for them.
Useless Coin Price Nearing Support
4-hour chart for USELESS/USD (Source: GeckoTerminal)
The Useless Coin price is nearing the support level at $0.07827, data from GeckoTerminal shows. Should the crypto drop below this technical safety net within the next 12 hours, it could be exposed to the risk of falling to as low as $0.05883 in the short term.
However, traders identifying the current Useless Coin price as a buy opportunity could lead to enough buy pressure to invalidate the bearish thesis. In this alternative scenario, USELESS might try to challenge the $0.09970 resistance again, after it dropped below this mark in the last 24 hours. Thereafter, continued bullish pressure might lead to a climb to as high as $0.11471.
Technicals Suggest The Useless Coin Price Might Drop In The Short Term
From a technical standpoint, indicators on the 4-hour chart such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), warn the Useless Coin price might drop in the coming hours.
That’s after the MACD line dropped below the MACD Signal line in the past few hours, triggering a major bearish technical flag. Usually, this technical development suggests that a crypto has entered a short-term negative cycle. With the MACD line now breaking away below the Signal line as well, it appears the crypto’s bearish momentum is picking up steam.
Meanwhile, there has been a considerable drop in buying power over the past few hours. During this period, the RSI slid from the mid 60s to the mid 50s. If this trend continues, it could lead to the RSI dropping below the neutral 50 mark to indicate that sellers have taken complete control of the Useless Coin price.
While technicals start to flash bearish for the Useless Coin price, investors are piling into the presale for Solaxy (SOLX) before it ends in just 4 days. According to influential YouTube channel 99Bitcoins, which has over 723K subscribers, SOLX has the potential to soar 100X after its official launch.
Solana About To Get Its Biggest Upgrade To Date
Solana was launched as a more cost-effective and quicker alternative to the clunky Ethereum blockchain. While Solana still maintains a competitive edge over its predecessor, it tends to struggle during peak traffic periods such as when there is a meme coin frenzy. This has resulted in delayed and sometimes even failed transactions on several occasions.
Solaxy aims to address that issue by shifting Solana’s transaction processing workload off of the mainnet. Instead, Solaxy will bundle transactions on its native layer-2 sidechain before pushing them to the layer-1 for final validation. Ethereum-based solutions like Arbitrum and Optimism have proven that this is a successful and secure way to scale a public blockchain.
Not only that, Solaxy will act as a bridge between Solana and Ethereum, giving developers a way to tap into both chains’ strengths simultaneously.
Solaxy’s team has been hard at work developing and laying the groundwork for their solution. While the project’s native SOLX token is still in the presale stage, the team have deployed their testnet, the testnet’s block explorer, the Solaxy bridge and a native token launchpad.
The team recently unveiled their development roadmap as well, which shows that they intend to continue to build out their solution after the token launches.
Last Chance For Investors To Buy SOLX Before Listing
Solaxy’s blockbuster presale concluded a few days ago. However, due to the strong demand, the team decided to give investors one last chance to buy before the crypto’s major exchange listings.
Investors that want to join the presale, which has raised over $54.8 million so far, can acquire SOLX via the buy widget embedded on the project’s website. Selling for $0.001766, the token can be bought with either crypto or bank card.
Once purchased, the tokens can also be staked in the project’s presale staking pool for a passive income. Currently, the pool offers a 77% APY.
Anyone that wants to buy before the token hits major exchange platforms will want to do so before the token’s launch, which is only 4 days away.
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