UMA (UMAUSD) Bulls Have the Upper Hand in a Volatile Market Tussle
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UMA Analysis – Bulls Have the Dominance as Price Cranks Upwards
UMA bulls have the upper hand as they dominate the bears in a volatile market scuffle. $12.000 is assumed to be the level where bulls jumpstart the volatile upsurge. The coin pumped up and touches $22.300 with its wick in an 87% price surge. However, bears responded similarly, crashing the market immediately. The bulls were strong enough to keep it from falling below $12.000 and set a new higher low.
UMA Key Levels
Resistance Levels: $24.000, $22.300, $20.000
Support Levels: $18.000, $16.100, $15.000
Despite breaking through from a triangle formation, surprisingly, buyers remain calm, making only a modest price increase to the $12.000 key level. At this level, the presence of bears in the market was evident as the market fluctuated for around 20 trading days around the price level. On November 7th, the bulls, who had built up a lot of momentum during the fluctuation, surged higher.
What followed was a volatile tussle between the bears and bulls. The market rose exceedingly high and crashed similarly immediately. However, the bulls seem to have the upper hand in the market as the price can be seen making consistent higher lows. The Stochastic Oscillator shows a consistent and gradual up-climb in its signal lines. The ATR (Average True Range) indicator shows that there has been a triple increase in market volatility as the tussle continues.
Market Anticipation
Meanwhile, in the short time frame, the market is currently bearish and dropping from another high after hitting a higher resistance at $24.000. The Stochastic Oscillator is likewise close to reaching the oversold region. Volatility remains high, according to the ATR indicator, though a slight decrease is expected as the price falls towards the trend line.
UMA is expected to bounce off the trend line and, with volatility, push towards the $24.000 price level again.
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