UMA/USD Bulls Struggling to Come Back Into the Market

 The $2.24 price level was a point of strong indecision for the UMA market. The market was in a gridlock situation until the bears were able to break the price out to the downside. As the bear market was in progress, some traders attempt entering a long position, but the price of the market falls more until the bear market hits the $1.50 price level. And from the $1.50 support level, we see the bulls taking the market. They aimed at $2.000, but they hit a brick wall at the $1.8 price level.

UMA Market Price Statistic:

• UMA/USD price now: $1.69
• UMA/USD market cap: $116,262,368
• UMA/USD circulating supply:68,947,415.08
• UMA/USD total supply: 108,858,567
• UMA/USD coin market ranking: #159

Key Levels

• Resistance: $2.0, $2.5, $3.0
• Support: $1.5, $1.0, $0.5

UMA Market Price Analysis: The Indicators’ Point of View

 The market now has a new higher support and a new lower resistance; this coupled with the low volume of trade (according to the Daily session) suggests that another price consolidation period may be loading. According to the RSI Indicator, since the RSI line recovers from the oversold region, the momentum has continued around 36. This shows indecision. 

UMA/USD 4-Hour Chart Outlook

According to the 4-hour chart, the three sessions of the day, so far, have been bullish. But the bullish market did not affect the contracting bands of the Bollinger. This is because the bulls fail to sustain the bullish move in the second session. In the second session, the price even reached $1.8. And it looks like the volume of trade in today’s market according to this particular outlook is high. This makes the market yet very volatile from a short timeframe perspective. However, the price still falls back to around the $1.70 price level.

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