UMA (UMAUSD) Is Reaching for the $9.900 Key Level
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UMA Analysis – Price Is Now Moving up After Reaching the $7.500 Support Again
UMA is reaching again for $9.900 after bouncing up from the $7.500 support. The $9.900 key level has been playing a very prominent role in the market movement from the 21st of June 2021 till the present. It allowed for a free fall in price on the 21st of June but has staunchly defended the coin from moving past it ever since.
UMAUSD Key Levels
Resistance Levels: $9.900, $13.300
Support Levels: $3.900, $7.500
On the two occasions where UMA reached out to bypass it, it beat the price down. The first time was on the 30th of June 2021. The market injected a long wick past it, but the coin essentially remained under it. This led to a fall and an immediate rally again. This led to the second encounter earlier in the month, on the 4th of July. Bulls encamped under it for five days but still failed to break through it. This then led to a gradual decline in price, which touched down on the $7.500 support on the 20th of June, 2021.
The market has now rallied and is now reaching for $9.900 again to break through it. UMA encountered some difficulties for the past three days in moving up. This led to the coin displaying consecutive Doji candlesticks, but there have been more movements upwards today. The middle line of the Bollinger Band, which was holding price down, is now changing positions to support the market. The Stochastic Oscillator confirms upward momentum having bypassed the 40 mark.
Market Expectations
Market ExpectationsThe middle line of the Bollinger Band tried to sustain the market but it fell through on the 25th of July. The lower band, however, was an able ally to keep UMA in the uptrend. It has pushed price up. Having gotten the upper band, there is a pullback in price. The Stochastic Oscillator reflects the pullback in price. UMAUSD is, however, expected to bounce off the middle band again to shoot upwards to reach the $9.900 resistance.
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