Key Takeaways
- USELESS and MORI reached all-time highs in July.
- The memecoins have increased rapidly since June.
- What lies ahead for USELESS and MORI in July?
The crypto market rebounded on June 22 after a month-long correction.
While Bitcoin (BTC) and most altcoins have not reached new highs, some memecoins have bucked the trend.
USELESS and MORI are the main culprits, with nearly 1,000% increases that led to new all-time highs in July.
Let’s examine their charts and see what lies ahead this month.
USELESS All-Time High
The USELESS memecoin burst onto the crypto scene in May but did not take the spotlight until June.
USELESS rallied significantly afterward, once it broke out from the previous all-time high region.
The rally is likely part of wave three in a five-wave upward movement (green), which led to an all-time high price of $0.31 on July 7.
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While local tops after such a notable rally are notoriously hard to predict, USELESS shows several signs of a potential top.
The sub-wave count shows a completed upward movement (black), creating long-term wave three.
Next, the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) show bearish signs.
The RSI has generated a bearish divergence (orange), while the MACD is close to a bearish cross (black circle).
While these signals have occurred separately, they have never appeared simultaneously.
A daily close below $0.26 will confirm the local top, creating the deviation.
Then, the memecoin could return to the $0.190 support. It is worth mentioning that the predicted decline is part of wave four, so another rally is likely eventually.
MORI Price Ascends Rapidly
The MORI price analysis is eerily similar to USELESS, except it transpires in a smaller time frame.
Like USELESS, MORI is at the top of wave three in a five-wave upward movement (green).
The sub-wave count shows the price has topped, and a correction is due.
However, there is insufficient data for the RSI and MACD to show if any bearish divergences are present.
Like USELESS, the MORI price could begin wave four soon before completing wave five to new highs.
The main horizontal support area is at $0.165.
USELESS first gained traction after Unipcs, otherwise known as “Bonk Guy” started promoting it, even though it was outside the top 500 largest cryptocurrencies.
Other major accounts have followed, most notably Bluntz_Capital , who was one of the first ones to jump on the USELESS train, and caught most of the 850% upward movement.
On the other hand, MORI does not enjoy any notable community support despite its notable upward movement.
New All-Time Highs
USELESS and MORI are two memecoins that have rallied in June, reaching new all-time highs in July.
Both could correct in the short-term before resuming their upward movements to new highs.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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