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- UMA started to fall after the recent 52 weeks high of $43.37 and has been taking support from 200 EMA
- Currently, the coin is trading just above the 200 EMA, below the 50 EMA, implying the uptrend is still running.
- The UMA/BTC pair is trading at 0.0004993 with an intraday gain of 18.1%
UMA coin price has consistently moved up and almost reaching close to the 52-week high of $43.37; currently, it is holding above 50 and 200 EMA in the daily timeframe.
After a sharp supply dump, a new support level was observed at $20. The live UMA price today is $27.00 with a 24-hour trading volume of $131,550,854. UMA is up 29.42% in the last 24 hours. The market capitalization of the coin is $1,622,026,275
A long-continued consolidation
Source – tradingview
UMA had made a double bottom pattern in the daily timeframe before reversal from a $34 level. UMA coin price had a fallout, and the pattern failed. The coin price has increased 29.42% in the last 24 hours.
The $20 support level has pushed the price back up; however, a resistance level of $28 has pushed down the price frequently in recent times resulting in the ranged consolidated movement. The levels of $17.2 and $11.9 are the immediate support, whereas the immediate resistance level is $28.
The coin price finds support near the 200 EMA (white) as the price trades just above the 50 EMA (yellow). The 50 EMA has just crossed over the 200 EMA in the 4-hour timeframe implying the start of a downtrend.
The RSI (bearish) indicates bearish momentum while trading at 58 as it is heading towards the overbought zone.
The ADX indicates a gaining momentum as it is trading at 31 while the spike in ADX is increasing, implying a positive growth of momentum.
Conclusion: UMA coin price has recently exhibited a fallout of a double bottom pattern. However, the coin price is still under a long consolidation. The bearish crossover is something traders must keep in the account. But it has failed twice before, and therefore, a price jump could be expected.
Support- $17.2 and $11.9
Resistance- $28
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
