There Is No Significant UMA (UMAUSD) Movement Amidst Low Volatility
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UMA Analysis – Price Makes No Significant Moves; There Is Low Volatility
There is no significant UMA market movement as price volatility nosedives. Drooping market volatility has accompanied the fall in the price of the coin. This means that market momentum is dwindling despite the downward direction. However, after falling through to the $10.500 significant level, there are now no major market moves and both buyers and sellers are unable to significantly influence the coin.
UMA Significant Zones
Resistance Zones: $20.000, $15.000
Support Zones: $12.000, $10.500
The rise and fall of market volatility have been very dramatic for UMA in the past 6 weeks. The volatility has increased as a result of the bullish momentum surge on the 6th of November from $12.000. Despite the coin climbing upwards, there was a serious scuffle with the bears in which large strides were taken in the market. This continued till the 16th of November, when a strong resistance level pushed back against the market, such that only the wicks of the daily candle rose above it.
Price then falls and breaks through several key levels. Critically, UMA also crashed through $15.000, which sparked an effort to rally back above it, but there will be no immediate recovery. Instead, the coin drops further beyond $12.000. Following that, the coin continues to oscillate with $10.500 acting as support. The ATR (Average True Range) shows that a nosedive in price volatility accompanies the fall of the market. UMA is now in bearish territory according to the RSI (Relative Strength Index), whose signal line has nosedived to 34.
Market Prospects
On the 4-hour chart, the market is now strongly oversold as bears have managed to breach the $9.500 support level. The RSI signal line is directly at the oversold region border. Meanwhile, market volatility is still gradually reducing. The price will first fall to $8.500 before falling further, most likely to $7.500.
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