UMA (UMAUSD) Remains Trapped Between Key Levels
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UMA Analysis – The Market Remains Trapped Between the $6.600 and $5.500 Key Levels
UMA remains trapped as it keeps undulating the $6.600 and $5.500 key levels. The past seven days have seen the market rise to the $6.600 level (which is acting as a supply line), and its ascending approach dismissed as price remains subsumed below the level. The market has fallen back to the demand level at $5.500 as it attempts another assault upwards.
UMA Key Levels
Supply Levels: $6.600, $8.200
Demand Levels: $5.500, $4.000
The UMA coin has found itself in a very precarious situation in recent times. The price dropped through a significant range zone late in January. Since then, the range zone has taken the position of a supply level and has often rebuffed the approach of the market to get past it. Meanwhile, at the same time, buyers have prevented the market from dropping below $5.500 as they situate a strong demand level there.
As the coin continues to undulate between both critical levels, energy is being accumulated, which will lead to a breakout on either side. The demand level seems weaker, but the market is predisposed to push upward. Currently, the EFI (Elders Force Index) shows a power shift to sellers after the drop to the demand level. But the, Stochastic gives the buyers a chance of hitting back from an oversold market status.
Market Prospects
On the 4-hour chart, the price has crashed to the demand level and will rise again. This gives the price much space to surge through, which can cause an impact on the supply line to breach it. The EFI and the Stochastic indicators support a significant bullish move, and their lines signaling an uptrend.
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