UMA (UMAUSD) Bulls Lay a Siege Below the $6.600 Supply Zone
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UMA Analysis – Market Bulls Lay Siege Below the $6.600 Supply Zone
UMA bulls lay a siege as they seek to break the $6.600 supply line. The bulls have been agitating to correct the dip in price that occurred late in January, in which the price plummeted through the $8.200-$6.600 market zone. This zone is a critical range that initially held up the market. However, after much pressure, the price slumped through it. Bulls have returned to try to push the price above this level, but have been unsuccessful thus far.
UMA critical Zones
Supply Levels: $6.600, $8.200
Demand Levels: $4.000, $5.400
Buyers are finding it hard to overturn the market after getting hooked below a major market zone. The sellers have dominated the market since it ascended to $24.000 and was rejected there. The market has been gradually plundered till it landed on the strong price range on the 20th of December. This zone halted the drop in price for up to a month, but the increasing pressure from the bears eventually plummeted the price below it.
Below the now strong supply zone, buyers are now showing more grit. They’ve found support at a thin layer of the market level at $5.400 from which they are cracking continuously from below at the $8.200-$6.600 market zone. On the MACD (Moving Average Convergence Divergence) indicator, the price is undulating from a bearish zone and the line is still well below the zero level.
Market Prospects
The 4-hour chart shows the market has found a solid base at the $5.400 key level. From here, the price is continuously cracking against the supply zone. The Parabolic SAR (Stop and Reverse) has alternating dots above and below the 4-hour candlesticks, showing the nature of the market’s movement as wavy. Persistence from the bulls will eventually see the market rise through the $8.200-$6.600 supply zone.
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