UMA (UMAUSD) Falls After Failing to Rise Above $3.300
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UMAUSD Analysis: The price is falling after failing to hold above the $3.300 mark
UMAUSD is falling after failing to take its chances of stabilizing above $3.300 when it had the chance. The market did extremely well to accumulate momentum by tapering through an ascending triangle. As expected, this led to a breakout, which violated the $3.300 price level as resistance. UMAUSD went on to surpass $4.000 in value. However, when it mattered most, the coin weakened and slipped right through the key levels.
UMAUSD Key Levels
Resistance Levels: $3.300, $4.000
Support Levels: $2.320, $1.890
The coin has plummeted through both $4.000 and $3.300. Afterward, the market was suspended between the $3.300 key level (now acting as resistance) and the $2.320 support level. It maintained this position for several days in an attempt to revive its bullishness, but this did not happen. Instead, it continually weakened till it has now dropped to rest at the $2.320 support level.
There is hope that the market might be revitalized at this $2.320 support level; however, the chances are slim. The EFI (Elders Force Index) power line has crashed to a negative value to show a switch of power to the sellers. The problem is compounded by the fact that the daily candlesticks are now trading under the MA period 24, and it will require much effort for them to rise above it soon.
Market Expectation
The 4-hour chart gives us more details, showing that as the price plummets to the $2.320 support level, the buyers try to throw themselves upward again along the descending trendline, but it does no good after the price crashes back to the support level. Like the daily chart, the prices have slipped below the MA period 24. The Elders Force Index also has a negative value. There is now more propensity for UMAUSD to drop to $1.890.
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