UMAUSD Bulls Are Trying to Overturn the Market
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Free Crypto Signals Channel
Free Telegram Channel
UMAUSD Analysis – Bulls Are Trying to Overturn the Market
UMAUSD bulls are punching above their weight in an attempt to overturn the market. They have stopped the lack of direction that pervaded the coin for one month from mid-May to mid-June. The market has now been constructed into an ascending triangle system. This is a reversal structure that is designed to drive the coin higher. UMAUSD is currently in the final stages of this triangle design.
UMAUSD Significant Zones
Supply Levels: $4.00, $5.40
Demand Levels: $1.50, $1.20
UMA is taking its fair share of the global crypto meltdown. This has seen the UMAUSD mark plummet by more than 80%, from $12.80 to $1.50 in the space of two and a half months. Afterwards, the coin is found in a lack of direction, just wobbling sideways. However, bulls have not taken hold of the market and are giving it a direction. The use of the ascending triangle pattern indicates a reversal pattern is being used to redirect the price upward.
The tapering through the triangle, which began in mid-June, is now in its final stages as the candles have reached the tip of the triangle.
UMA is therefore set for a breakout upward. The EFI (Elders Force Index) has its powerline above the zero level to show that the bulls are controlling it at the moment. The RSI (Relative Strength Index) indicator is also showing bullish momentum as it ushers its line in an upward direction.
Market Expectations
The 4-hour price action setup is properly aligned with that of the daily chart. The RSI line remains above the zero level, albeit with a minimal upward direction. As for the EFI indicator, the power line remains at a positive value to show that the bulls still have a hold on the market. UMAUSD will be looking to instantly break the $4.00 barrier level with a first-time upsurge from the triangle pattern.
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
