UMAUSD Appears With a Bullish Outlook as the Price Rebounds
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UMAUSD Analysis: Price Appears Bullish as It Rebounds at the $6.800 Significant Level
UMAUSD appears with a bullish outlook as price rebounds near the $6.800 significant level. Buyers can potentially apply bullish pressure on the market, which will eventually cause a bullish order flow in the price influence. The buyers traded with a long candlestick but failed to reach the $15.250 price level. As a result of this drawback in the market, the buyers are now gathering momentum to push the price level higher.
UMAUSD Market Levels
Resistance Levels: $23.900, $15.250
Support Levels: $6.800, $4.300
The sellers first picked up price tendency around September 2021, and they dropped price movement close to the $6.800 market support zone. The Bollinger middle band acts as the support as the bulls rallied the price. UMA breaks above the $15.250 price level till the market arrives at the ATH (All-Time High) of $23.900. This results from the middle band pushing price movement to its highest level before the bearish trend commenced.
The sell traders pushed the price tendency lower. The sellers keep pushing the price movement down in the market. However, the bearish trend raced and elapsed when the price eventually got to the $4.300 significant level. This is where the change in price trend becomes evident. The bulls are now attempting to re-enter the stage to exert price influence. The price rebounds near the $6.800 support level and is anticipated to maintain a bullish trend on the 1-day chart.
Market Expectations
On the 4-hour chart, the market is expected to continue its bullish moment following a drawdown back to the $6.800 support zone. The Relative Volatility index shows price volatility increasing in the market as bullish movement is expected to continue upward above the $6.800 price level.
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