The Useless Coin token jumped sharply this week after its partnership with Chainlink, the biggest oracle network in the cryptocurrency industry. It jumped to a high of $0.3300, its highest point since July 17, up by over 75,000% from its lowest point this year.
Useless Coin price rose after it embraced Chainlink’s Cross-Chain Token (CCT) standard. This means that users can now natively transfer it across the BNB Chain and Solana using the Cross-Chain Interoperability Protocol (CCIP).
CCT is one of Chainlink’s standard frameworks to enable secure, seamless, and permissionless token transfers across multiple chains. This is a crucial feature that streamlines the process for developers to make their tokens accessible across multiple chains.
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The new collaboration comes at a time when smart money investors are actively accumulating the token following its strong surge. These investors bought tokens worth over $670,000 and sold $510,000, giving it a net inflow of $160,000.
At the same time, smart money investors are spending more money to acquire the recently launched Useful token, which has a market cap of $1.7 million. They bought tokens worth $1.4 million and sold $711,000, resulting in a net inflow of around $0.7 million.
Meanwhile, the Useless token futures open interest has been in a slow uptrend this week, indicating increased demand from investors. Its open interest rose to $20.9 million, the highest point since July 19.
Useless Coin Price Technical Analysis
Useless token price chart | Source: TradingView
The 12-hour chart shows that the Useless price has experienced a strong bull run over the past few months, as demand has increased. It has soared from a low of $0.0010 in June to a high of $0.3300 today.
Useless Coin price has formed an ascending channel and moved above the 50-hourly moving average. An asset that is above the moving average is a sign that bulls are in control for now.
Useless price has formed an ascending channel and is nearing the extreme overshoot point at $0.3500. On the other hand, the token has formed a bearish divergence pattern. The MACD and the Relative Strength Index (RSI) have formed a descending channel.
Therefore, while the Useless Coin price may continue to rise to a record high of $0.38, there is a risk that it may retreat and retest the 50-period moving average at $0.2600.
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