UMA (UMAUSD) Remains Bullish as It Springs up From Major Support
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Market Analysis – UMAUSD Reacts off Support Level To Remain Bullish
UMAUSD remains bullish this week as the coin completely aligns with our previous analysis of its move. UMAUSD renewed bullishness, which took out the $9.00 resistance level, started at the $8.20 support level exactly as outlined seven days ago, and increased the asset’s value by 25%. Though the price is currently in a short-term retracement. The coin looks to remain bullish in the coming days.
Key Levels
Resistance Levels: $10.8, $11.5, $13.0
Support Levels: $7.20, $8.20, $9.00
The Envelope indicator helps to observe the bullish trend on the daily chart. It can be seen that the bullish move that occurred from 4th August was quite strong as price traded through the top channel of the Envelope indicator. This lets us see that there is a strong impulse of buyers behind the market.
Also, by observing the RSI (Relative Strength Index) indicator, we can see that even though price is in a retracement, the bears have been unable to push price below the 50.00 equilibrium point of the indicator. This reaffirms that the market remains firmly in the bulls’ control.
Market Prospects
On the 4-hour chart, we can observe price trading around the midpoint of the Envelope’s channel. This shows us that price is retracing, and now might be an opportunity to add to our long position on the coin. The RSI is also beginning to trade in the bullish zone, indicating to us that price is already recovering from the retracement, and further long positions can be added from here. Also, a bullish engulfing candle has just formed off the last 4H candle. This indicates more bullish traders are jumping into the market at this point, further strengthening our bullish submission.
If UMAUSD remains bullish according to our submissions, we can expect the bulls to drive the price up into the resistance levels of $11.5, $13.0, and even $18.0 in the coming days.
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