UMA (UMAUSD) Buyers Are Unable to Utilize Their Bullish Breakout
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UMAUSD Analysis – Buyers Are Unable to Utilize Their Bullish Breakout
UMAUSD buyers are unable to make anything out of their bullish breakout and the market has nosedived back below where it broke out from, around $3.30. The bulls are trying to react at this point, but it remains to be seen if the market can rally again or if the bearish strain which is now on the market will wear them out. If the buyers ever recover, they will have to breach the $3.30 key level once more.
UMAUSD Key Levels
Resistance Levels: $3.30, $4.00
Support Levels: $1.50, $1.20
The bears own the market. However, there are instances where their hold on the price weakens, allowing the buyers opportunities to influence the market. This occurs at different price levels at different times as the coin descends from $24.00, but each time, the buyers are unable to capitalize on the opportunities. The weakness of the bears above the $1.50 key level also presents the sellers with a similar opportunity.
As in times past, the buyers have conformed the market into a triangle. This has led the market to a bullish breakout that breaks the $3.30 resistance level and rises to $4.00. However, the buyers are unable to capitalize on this advantage and the market has been left crashing downwards again below the $3.30 significant level. The ATR (Average True Range) indicator shows that despite the triangular consolidation, volatility has been on the decline.
Market Analysis
The price has crashed to the $3.30 price level after failing to hold above the $4.00 price level. The price attempted an upward push again, but it was too weak and UMA finally dipped below $3.30. The 4-hour chart shows a decline in volatility as the buyers tire out from above the $3.30 price level. The Parabolic SAR (Stop and Reverse) are now all lined up above the market. UMAUSD is expected to drop further to $1.50.
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