UMA (UMAUSD) Lurks in the Correction Phase at $2.400
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UMAUSD Analysis – Market Lurks in a Correction Phase at $2.400 on UMAUSD
UMAUSD lurks in consolidation at $2.400 after a bearish expansion to $2.400. During the first week of May, the bulls pressed upon the supply level at $9.900. The Bollinger bands formed resistance at the $9.900 supply level. There were long shadows above the daily candlestick to show a rejection at the supply level.
UMAUSD Major Market Levels
Support levels: $8.380, $2.400.
Resistance levels: $9.900, $8.300.
UMAUSD Bears regained control of the market at the $9.900 supply level. During the month of April, the daily candles dropped below the midline of the Bollinger Bands to reveal the market’s bearishness. The bears attacked the demand level at $4.600. There was a break in the market structure to the downside during May. The market switched from the correction phase to an impulsive phase to strike the $4.690 demand level. The bulls failed to protect the demand level at $4.690.
The market has dipped to the demand level at $2.400. The volatility of UMAUSD has reduced since it reached the demand level. The daily candles have bounced back and forth between the upper and lower Bollinger bands to show the correct phase. The bears seem to be ready to strike once more as the stochastic is currently in the overbought region.
Market Expectation
The market is currently in a correction phase above the support zone on UMAUSD. A symmetrical triangle has been formed, which would likely prompt a breakout. The market seems to have created a false bullish breakout of the symmetrical triangle. The market is expected to shoot below $2.400.
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