UMA (UMAUSD) Pushes Forcefully Upward to Reach a 6-Month High
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UMA Analysis – Price Pushes Forcefully Upward With Wild Volatility
UMA pushes forcefully upward to take the market to a 6-month high. After fluctuating around the $12.000 price level for nearly three weeks, buyers have summoned all the momentum they can muster and have forcefully pushed the coin upwards. Several significant levels were thrust through in the process as the price attained a 6-month high. The market, however, remains very volatile and the price has dropped back below $18.000.
UMA Key Zones
Resistance Zones: $18.000, $20.000, $22.300
Support Zones: $9.500, $12.000, $16.100
UMA has assumed a wavy pattern to show the market’s struggle since the great plunge of May 19th (which seemed to affect several cryptocurrencies). Since then, the price has failed to ascend above the $15.000 price level, even though it also did not drop below $7.500. The latest market structure sees the coin face rejection at $15.000 and plummeting to $8.500. However, UMA pushes upward from this support.
Bulls began making upward progress by making consecutive higher highs. This continues until the total reaches $12.000.Subsequently, there was a drawdown and price began fluctuating around $12.000. Sellers, however, used this opportunity to draw in momentum, which they released thereafter. The result is a massive increase in the coin’s price, which pushes it up by 85%. As the price pushes forcefully upwards, the ATR (Average True Range) indicator shows a sharp increase in volatility.
Market Expectations
The 4-hour charts show us that the market is weakening after so much of an upward surge. Price is has received a knock around the $20.000 resistance level. But bulls aren’t about to give up so soon. The market is expected to seek support at $16.100 to stabilize the price before more bullish reactions occur. Despite the current plunge, the market remains volatile, as shown on the ATR chart. The Stochastic Oscillator has taken a reversal at the mid-level, suggesting that the market could be set for a brief consolidation.
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