UMA (UMAUSD) Is Inclining Towards the $4.210 Level in the Market
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UMAUSD Analysis: The Price Is Inclining Towards the $4.210 Level in the Market
UMAUSD is inclining towards a key level in the market. The disposition of price movement can be traced back to bearish activity in the market. The sellers are currently purging the price strength following the short aggregation stage that the UMAUSD price experienced recently. Therefore, the price is proposed to continue following a sell order back to the $4.210 significant point in the market with the bear trend expanding.
UMAUSD Key Zones
Resistance Zones: $23.700, $14.360
Support Zones:$9.920, $4.210
The sellers have withstood various opposition in the market. First, the buy traders failed to push the price level above the $23.700 key zone. This, however, gave rise to wicks in the market. After the rejection at this level, the bears begin to discharge the market’s price potency downward. The buyers have since failed to utilize the price due to the bearish order in the UMAUSD price structure.
The price trend continues to trade down in the market, breaking significant points of $14.360 and $9.920. The buyers’ interference came into view when the price first arrived at the 4.210 significant level in the market. However, the pressure applied to the price tendency was only able to break through the $9.920 significant point, and the bulls failed to rise as a solid rejection came up. Shortly after price aggregation, sellers gradually lowered the price, which is now back to the $4.210 significant level. Therefore, traders should anticipate a sell order downward before a bullish changeover in the market.
Market Expectations
On the 4-hour chart, the price is currently disposing downward in the market as bearish strength is still in view. The market area shows the price accumulation phase in the market. As a result of this, there will be further distribution in the price at the moment as the sellers keep discharging downward in the market. The Stochastic Oscillator indicates a downward trend toward the sell region, indicating that the sell order season is almost over in the market as the price falls to a significant $4.210 level.
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