UMA (UMAUSD) Remains Unchanged Due to Price Accumulation
June 21, 2022
#Crypto#Crypto Analysis#CRYPTOCURRENCY#Daily Chart#Ethereum#NEWS#Price Action#Technical Analysis
UMAUSD Analysis – Price Remains Unchanged as Price Accumulation Continues
UMAUSD remains unchanged as price accumulation continues. The price’s emotions have been relatively silent for a while. This can result from market investors not placing orders on the crypto market. The token will not likely rise to the $4.0800 critical level anytime soon. Although the buyers tried to move forward, they were controlled by selling moments. An increase in buy orders from retailers is expected in the retail trade.
UMAUSD Significant Levels
Resistance Levels: $11.5000, $7.0100
Support Levels: $4.0800, $1.0800
When buyers responded to the level of the Bollinger Band Indicator, an outbreak occurred, leading to a bullish outlook. This allowed the purchasers to increase the critical level of the token in March 2022 from $4.0800 to $11.5000. The decline in the number of buyers that occurred at this crucial level continued until the beginning of selling penetration in the market. The buying pressure affecting the price of UMAUSD has gone away because of this.
The selling tendency, however, continues to cause a deep penetration in the UMAUSD value. Several dips have been observed as the UMAUSD is overwhelmed by bearish moments. Following price attrition below $4.0800, a significant level, the token market has been accumulating. As the consolidation continues, the sellers slowly drop the value down to the $1.8400 critical zone. The daily chart shows the signal level of the Stochastic Oscillator crossing downward.
As a result of the increased competition among traders, the current price is continuing to decline. So, it’s likely that the activity around the token price will go down since smaller traders are likely to keep selling more transactions until they reach $1.8400.
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