UMA (UMAUSD) Is Selling off After Rejection at $10.300 to Continue Its Downtrend
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Market Analysis – UMA Is Selling off After Rejection at a Significant Level
UMA is currently selling off as it continues its downtrend. The market has continued in its trend of making a lower high before dropping to a lower low. Price dived to around $9.300 on the 21st of September to make a lower low. Afterward, the coin rose to retest the $10.300 level from which it had fallen earlier. This led to more selling off, in which the price dropped to $9.300. An immediate rally took the market to retest the $10.300 resistance, from where price is now falling.
UMA Critical Zones
Resistance Levels: $10.300, $11.200, $12.800
Support Levels: $9.300, $8.500, $7.200
A sell-off was sparked at the $14.700 price level following rejection. The market dropped and reacted around $12.800 for a while. Another attempt to break through $14.700 again led to a huge drop to $9.300. The price, however, recovered in time to return to $10.300 from where the coin sprang up to reach $12.800 again. A sharp rejection made the coin drop to a lower low of $8.500.
There was a brief resurgence in the market which was terminated at $10.300. UMA is now selling off again from this level. The Parabolic SAR (Stop and Reverse) has a long lineup of dots above the daily candles. This began when the price was rejected the second time at the $14.700 resistance and the dots kept adding up till today. The Relative Strength Index (RSI) shows that the recent resurgence in the market is just a retracement and as the signal line remains in the selling half, bears remain the dominant market participant.
Market Anticipation
On the 4-hour chart, UMA is now selling off after hitting a rejection at $10.300. The RSI signal line has dropped precipitously to the 50 mark. Also, the Parabolic SAR already signals a change in market direction by switching the dots above the 4-hour candlesticks. All these indicate that sellers currently have the upper hand in the market. Following the trend in market movement, UMA will likely fall to a new low at $7.200 before further reactions.
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