UMA (UMAUSD) Stays Quiet as It Prepares for a Breakout
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UMAUSD Analysis – The Market Stays Quiet as It Prepares to Break Out Amidst Accumulation
UMAUSD stays quiet as it prepares to break out amidst accumulation. The price structure is expected to change the price tendency. This is a result of price distribution due to the aftermath of UMAUSD accumulation in the market. The prospects in the market are currently quiet, with no tendency to manipulate the price. However, prices will keep going in the current trend before the market changes direction.
UMAUSD Market Zones
Resistance Zones: $23.700, $13.230
Support Zones: $8.540, $4.460
The buyers decided to change the price tide to flow in the bull format. However, the buy traders failed to raise the price momentarily above the $8.540 significant level. A quick drop followed by market accumulation was observed in the price. UMAUSD is now amassing its tendency in the market before a breakout occurs in the market. The Bollinger Band indicator shows price squeezing, and when this is over, a price distribution should be expected.
Despite the bearish order flow distribution in the market, the bearish season is gradually coming to an end. When the market squeeze is over on the 1-day chart, the price will seek to rebound from the $4.460 key level before the bulls eventually take market control in price tendency. The MACD (Moving Average Convergence and Divergence) shows that the price line is still above the buyers’ region in the market.
Market Expectations
The 4-hour chart shows the price display as it continues to accumulate below the key level in the market. After a rebound near the $4.460 key level, the price is set to change direction because of the Bollinger Band squeeze in the market.
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