UMA (UMAUSD) Receives Strong Support to Push Up
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UMAUSD Analysis – The Market Receives Strong Support to Push Upward
UMAUSD receives strong support from a weekly support level to kickstart its upward movement. The tendency for the coin to rise has been long coming, but there were doubts about the ability of the buyers to lift the price. Nevertheless, a strong demand level whose influence stretches from $2.320 to $1.890 has been very instrumental in offering support to the coin. At last, the market has begun pushing up.
UMA Key Level
Supply Zone: $3.300, $4.000
Demand Zone: $1.890, $2.320
The bears have had more influence over the UMA market for long periods this year. There are only fleeting demonstrations of the bullish tendencies of the coin. However, the few times that the bulls interrupted the bearish ride in the market eventually played to their advantage. UMA has thus been structured to a potential double bottom bullish reversal formation.
By September 22, the structure was nearly complete; it remained only the last arm of the formation. The bears, however, delayed the completion of the structure till November, when the coin rose beyond the $2.320 line and began a rise. The Stochastic Oscillator lines have risen almost immediately from their oversold position to the border of the overbought region.
Market Expectation
The EFI (Elders Force Index) power line on the daily chart as well as the 4-hour chart has made a sharp rise into a positive value as the buyers find a breakthrough. Also on the 4-hour chart, the candles have dropped to retest the $2.320 support before firing further upward. This makes the 4-hour Stochastic lines drop back into the oversold region, ready for an imminent pushback toward the bullish half which would see the coin rise to $4.000.
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