$USELESS has a pretty humble name, but the chart itself is anything but humble.
It rose 1.57% over 15m, with the price pressing upward along the upper end of the last 20 5m candles. Active buying has a slight edge, with a buy-sell ratio of 1.05 and volume at 1.35x—not explosive, but the momentum is steady.
The interesting part is OI: it’s edging down over both 15m and 1h, while the price is rising. I’d lean toward this being shorts covering rather than new longs charging in. Not much money is flowing in, but positions are already starting to unwind. The OI anomaly percentile has hit 95.8%, ranking 7th across the entire pool, and the funding rate is also in a high percentile recently—suggesting this level is already expensive.
With 24h trading volume at 27M, the size is there. Pushing it up for a bit isn’t hard; the hard part is sustaining it.
After several consecutive periods of follow-through and a move to the range boundary, I’m not too keen to chase here. I’d rather see whether it can hold on a pullback. A move driven by short covering can easily run out of steam once the covering is done.
Let’s see whether this is a real breakout or just another performance for me.
It rose 1.57% over 15m, with the price pressing upward along the upper end of the last 20 5m candles. Active buying has a slight edge, with a buy-sell ratio of 1.05 and volume at 1.35x—not explosive, but the momentum is steady.
The interesting part is OI: it’s edging down over both 15m and 1h, while the price is rising. I’d lean toward this being shorts covering rather than new longs charging in. Not much money is flowing in, but positions are already starting to unwind. The OI anomaly percentile has hit 95.8%, ranking 7th across the entire pool, and the funding rate is also in a high percentile recently—suggesting this level is already expensive.
With 24h trading volume at 27M, the size is there. Pushing it up for a bit isn’t hard; the hard part is sustaining it.
After several consecutive periods of follow-through and a move to the range boundary, I’m not too keen to chase here. I’d rather see whether it can hold on a pullback. A move driven by short covering can easily run out of steam once the covering is done.
Let’s see whether this is a real breakout or just another performance for me.