UMA (UMAUSD) Has Bullish Tendencies Despite Ranging Movement
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UMA Analysis – Price Has Bullish Intent as It Consolidates
UMA has bullish tendencies despite being confined to a sideways movement between the $12.000 and $9.500 significant levels. The fact that the market has held above the $9.500 demand level is already a demonstration of the bullish tendency of the coin. After holding for a while above the demand level, the price surged up but was rejected at $12.000. This happened again 5 days later, and the coin is falling again.
UMA Significant Levels
Supply Levels: $12.000, $13.500, $15.000
Demand Levels: $10.500, $9.500, $8.500
The market began to be bearish after a double test of the $15.000 supply level. Then price surged downward on the 7th of September, and though the market tried to rally, it could only make a higher high. Then the coin broke several significant levels to reach a lower low at $8.500. However, at this level, price rallied to climb above the $9.500 demand level. The market, still having bullish tendencies, is now fluctuating above this level.
All indications point to a bullish break out of the market despite the current sideways movement that the market finds itself. The coin has tested the $12.000 supply level twice, and price is currently trading around $10.587. UMA is being supported by the middle line of the Envelope indicator to break out of the zone. The MACD (Moving Average Convergence Divergence) currently has predominant bullish bars and its lines are about to cross the zero level.
Market Prospects
On the 4-hour, the coin is dropping and has traded below the middle line of the Envelope indicator. The MACD shows bearish bars and the lines are bending towards the zero level. However, price may recover as bulls hold on and try to hold above the $10.500 significant level in their bid to break higher. If they are successful in this, then price can confront the $12.000 supply level and break out of it.
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