UMA (UMAUSD) Bears Are Gradually Losing Control of the Market’s Tendency
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UMA Analysis – Bears Lose Control of the Market Tendency Around $4.00
UMA bears are gradually losing charge of the market’s tendency as they drive the price below the $5.40 significant level. After several days of laying siege to the $6.60 range, bulls have failed to lift the market above it. Now the buyers have run out of momentum, allowing the bears to control the price trend. They, in turn, have not wasted time in driving the market towards the $4.00 critical level.
UMA Significant Levels
Resistance Levels: $12.80, $6.60
Support Levels: $5.40, $4.00
After falling from the $12.80 significant level, UMA was floating above the $6.60 (which extends from the $8.20 level). However, the bears controlled the price tendency to pressure the range zone. This lasted from the 4th of December till the 18th of January, after which the market successfully drilled through the $6.60 market range.
After the price dropped below the range level to $5.40, bulls took hold of the market in an attempt to change the price trend. The $6.60 zone, once a support, has become a staunch resistance to the upward trajectory of the coin. Hence, several days of upward pressure remain insufficient to breach the zone. UMA is now plunging towards $4.00, and the Elders Force Index shows its bearish power at play. Afterwards, an upward spike pierces into the resistance zone.
Market Expectation
On the 4-hour chart, UMA is also plunging. After this, the coin enjoys some moment of restraint from where the price has surged. The MA period 40 (Moving Average), which was casting its shadow on the candlesticks from above, has been breached. Bulls have now attacked the market from this level with an upsurge through the resistance zone.
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