UMA (UMAUSD) Fails to Recover From the Bearish Blow
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UMAUSD Analysis – The Market Fails to Recover From the Bearish Blow
UMAUSD fails to recover from the bearish blow it suffered more than three weeks ago. The price attempted to rise to the next level and formulated itself into an ascending triangle pattern. All went according to plan till it was time for the market to break out of the structure. The coin indeed drove upward and past the $3.300 major level but no sooner did it receive a major blow at $4.000 and slump back below $3.300 where it rose from.
UMAUSD Significant Levels
Resistance Levels: $4.000, $3.300
Support Levels: $1.500, $1.200
Buyers were trying to claw back some positions they had to lose due to the current bearish regime in the UMAUSD market. The market eventually engineered a rally using an ascending triangle pattern. They indeed gave the buyers a lift, but they were unable to capitalize and rejection at $4.000 led to the market spiralling back below the $3.300 where it started from.
Its been more than 3 weeks since the price fails in its bid to claw back to a higher price level but the market is yet to recover from the effect. This can be seen in miniature candles being formed which shows that the market has no significant movement or direction. The EFI (Elders Force Index) gives the buyers some cause for optimism as its power line remains in a positive value close to equilibrium.
Market Expectation
The EFI on the 4-hour chart gives the second confirmation that bulls slightly have the edge in that its powerline still lies in a positive value. The 4-hour candlesticks have stationed themselves above the middle line of the Envelope indicator to get a lift. However, if significant progress is to be made, the price will have to again pierce through the $3.300 key level before rising back to $4.000.
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