UMA (UMAUSD) Price Gets Rejected as It Approaches the $15.00 Resistance Level
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Price Analysis: The $15.00 Resistance Level Rejects UMA
UMA price seems to sink on getting to the $15.00 resistance level. Although there hasn’t been any strong rejection yet, the current resistance level is definitely having its impact on the market. The market has been in an aggressive uptrend since early August, from the 4th of August till today. UMA has almost doubled in price within this duration of time. The market moved from about $8.00 to $15.00 in price.
UMA Key Levels
Resistance Levels: $15.00, $18.00
Support Levels: $8.00, $11.00
The market has been on a strong downtrend since the 10th of May 2021, dumping from $30.00 to $11.00. The price then consolidated for a while before taking a new turn on the 4th of August 2021, moving in an uptrend.
The market conducted itself in high-lows till it reached the previous resistance level at $11.00. After consolidating for a while, it broke through the resistance, retesting it again and then making it a new support zone. This support zone has been able to move the price upwards to the present resistance level at $14.50. The Stochastic RSI (Relative Strength Index) is currently high and that is a good indicator of a long-term selling.
Market Expectations
The market has been selling for a long time and seems to have ended its consolidation phase. Now, it seems the bulls are taking over as we see strong bullish signs. Therefore, as the market looks to have ended its consolidation phase, UMA is expected to break through the current resistance at $14.50 as well in no time, and then buy long going till the next resistance zone at $18.00.
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