UMA (UMAUSD) Bears Are Expected to Lose Ground at the $7.700 Price Level.
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UMAUSD Analysis – Bears Are Expected to Lose Ground at the $7.700 Price Level
UMAUSD bears are expected to lose ground at the $7.700 price level. The sellers are currently seen displaying a price moment downward in the market. The buyer’s momentum in the market has decreased, and sell traders are now influencing price tendency. Price movement is expected to trade down to $7.700 due to the sellers’ influence before the buyer intervenes in the market. The bull’s involvement will, however, bring about bullish order distribution.
UMAUSD Significant Zones
Resistance Zones: $24.100, $15.200.
Support Zones: $7.700, $4.200
The UMAUSD price tendency evolved right from the bullish breakthrough in which the market rallied close to the $24.100 price level. The buyers were unwilling to buy more positions beyond this level. Therefore, the sell traders entered the market from the $24.100 price level, and the price began to rally downward. However, the bearish market continued downward due to the buyers in the market reaching their all-time high. The sellers continue to influence the price as more momentum is applied to the price tendency.
As a result of the price distribution in the market, the sellers broke through the $15.200 mark and beyond. The market continued until further accumulation was observed before the price smashed through the $7.770 level. The traders keep selling short until the market arrives at the significant $4.200 level. The bulls’ impact is a touch lower at this level. The bulls moved in with a firm bubble engulfing them. This, however, indicates a long-buying trend in the market.
Market Prospect
The 4-hour chart shows the bulls in all the layers involved in the market. They are currently willing to move the price tendency as price dissects losing ground in the market at the $7.700 significant level. The bears seek to give another touchdown near the market before a bullish display. The Parabolic SAR (Stop and Reversal) shows the general price trend as the bullish market is anticipated to commence near the $7.700 level.
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