Bears Dominate the UMA (UMAUSD) Market as the Price Keeps Falling
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UMA Analysis – Bears Dominate the Market as the Coin Falls to $9.500
Bears dominate the UMA market as the coin keeps falling. The price has slumped to around $9.500, which means the coin has now fallen to half of its initial price level at $24.000. As the buyers weakened and the bears dominate the market, UMA tried to stabilize above the $13.500 significant level. This lasted for four days before further rejections at $15.000 plummeted the market.
UMA Significant Levels
Resistance Levels: $24.000, $15.000
Support Levels: $9.500, $12.000
The bullish market started at $9.500 after a successful uplift from the $8.500 support level. Before the price rose above $12.000, it was subjected to about eight days of consolidation. It was from here that buyers made volatile movements upwards, breaking the hold of bears in the market. This continued till the wick of a daily candle rose to $24.000. At this point, buyers weakened and the price nosedived.
When the market rose to $24.000, it surged completely beyond the upper border of the envelope indicator and even bounced off it, and the bulls reached for a higher height. However, as bears began to dominate, the reverse happened as the price slides back into the envelope and breaks the lower border. A remarkable turn of events sees the RSI (Relative Strength Index) indicator line switch from overbought to nearly oversold.
Market Expectations
Having touched down at $9.500, the bulls are empowering themselves for a market reversal. The middle line of the envelope indicator stands as the foremost resistance to the increase in price, having repelled it once back to $9.500. However, the market is rallying upward again, first aiming to break through the middle line and then the $12.000 price line.
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