UMA is Fishing for a Bottom in a Bear Market
UMA (UMA) is in the process of establishing a rounded bottom following the attempt to break above the strong psychological level of $10.00. Technically speaking, UMA is still in a bear market, but the recent rally might be an early sign of a shift in the trend direction.
Stochastic Bullish Readings
Looking at the technical indicators, the stochastic oscillator is emerging from oversold readings on both the daily and the 1-hour chart.
On the 1-hour chart, UMA had the stochastic readings staying in the 80 zone for most of this rally. This is often a sign of more demand than supply and, subsequently, low levels of short interest. Conversely, if the market remains overbought (or oversold) for an extended period, that's actually a sign of strength.
In the short-term, the token is also trading above the key 100 simple moving average, which now comes to around $8.90.
Looking Ahead: The bulls need to take control and keep UMA's price above the considerable round number of $10.00 to keep the bullish momentum going. On the upside, true resistance comes $18.00, while on the downside, the short-term support comes at $9.26.
Stochastic Bullish Readings
Looking at the technical indicators, the stochastic oscillator is emerging from oversold readings on both the daily and the 1-hour chart.
On the 1-hour chart, UMA had the stochastic readings staying in the 80 zone for most of this rally. This is often a sign of more demand than supply and, subsequently, low levels of short interest. Conversely, if the market remains overbought (or oversold) for an extended period, that's actually a sign of strength.
In the short-term, the token is also trading above the key 100 simple moving average, which now comes to around $8.90.
Looking Ahead: The bulls need to take control and keep UMA's price above the considerable round number of $10.00 to keep the bullish momentum going. On the upside, true resistance comes $18.00, while on the downside, the short-term support comes at $9.26.
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