UMAUSD Bears Have Set up a New Rally Towards the $4.100 Market Zone
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UMAUSD Analysis – Bears Have Set up a New Rally as Price Swings to the $4.100 Market Zone
UMAUSD bears have set up a new rally as price swings to the $4.100 market zone. As the value of UMAUSD moves closer to the $4.100 market zone, the bears have positioned themselves to launch a new rally downward. Even though the season is still in a bearish trend, however, buyers have emerged to drive up prices in response to a sudden drop in sentiment that occurred below the significant $4.100 level. Traders should therefore expect a significant decline from the $4.100 level in the crypto market.
UMAUSD Price Zones
Resistance Zones: $23.230, $15.240
Support Zones: $10.310, $4.100
A bearish rejection occurred at the $24.230 level, which caused the price of the token to surge before immediately beginning a downward trend. As the amount of selling pressure in the market increases, several key zones have been broken. Because of the intense competition among sellers, buyers did not have a significant impact on the structure of UMAUSD. The selling pressure manipulates the price tendency down to the $4.100 price zone.
As a direct consequence of this, buyers returned to the cryptocurrency market when prices reached $4.100. After sufficient pressure was applied by potential buyers, the price increased to levels that were higher than the crucial threshold of $10.3100. The bearish season has resumed after the bullish trend was rejected above this zone, and the UMAUSD is currently trading below the $4.100 level, which is considered to be significant. A reaction to a price drop below $4.100 can be seen in the price action on the daily chart, with the middle band of the Bollinger indicator widening as a result.
Market Expectations
The 4-hour chart structure shows sellers already commanding influence due to selling pressure. The money flow indicator shows the price moment is still in the negative region as the bearish season is still set to continue down below the $4.100 key level.
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