- UMA seeks support following a retreat from October highs traded at $13.
- The confirmation of a bull flag pattern could send UMA back on the trajectory to $15.
UMA impressively broke out over the weekend, following in the Bitcoin’s footsteps towards $12,000. The flagship cryptocurrency brought fresh air into the cryptocurrency industry, culminating in gains across the board. UMA is among the most improved decentralized finance (DeFi), after accruing more than 27% in gains in the last 24 hours. The DeFi sector is mainly green with assets such as Chainlink, Ren, and Band Protocol performing incredibly well.
Meanwhile, UMA is trading at $8.87 at the time of writing. Although the DeFi token soared in the last 24 hours, the price action is nothing compared to the previous week’s performance. On Friday, UMA/USD extended the bullish move above $10. The gains continued to $13 before a sharp reversal came into the picture.
UMA/USD 1-hour chart
Over the last few days, the crypto has lost ground within the confines of a descending channel. Besides, the breakdown was anticipated according to the downward slope of the Relative Strength Index (RSI). Besides the channel resistance, UMA’s upside is capped by 50 Simple Moving Average.
If the descending channel confirms a bull flag, investors can expect a breakout to come into the picture this week. Simultaneously, the breakout will be emphasized by the RSI’s movement above a descending trendline. Other resistance zones to keep in mind include $11, $13, and $15.
UMA Intraday Levels
Spot rate: $8.87
Trending Stories
Relative change: 1.1
Percentage change: 1.3%
Trend: Short term bearish bias
Volatility: Low
- Do Kwon Says Terra Collecting Snapshot Data For LUNA Airdrop
- Top ETH Whales Add These DeFi Tokens Amid Crypto Volatility
- Here’s Why Bitcoin (BTC) Could Be In for Another 50% Correction Under $15,000
- Another Top Exchange To Delist Terra UST Over Collapse
- Just-In: Vitalik Buterin No Longer A Billionaire As Ethereum Crashes
- Bitcoin Price: Key Metrics Show Surprising Insights
- After Terra Crash, Galaxy Digital CEO Warns Against Bottom Buying
- Shiba Inu (SHIB) Prices May Jump Next Week; Here’s Why
- Is Andre Cronje Back On Fantom? FTM Jumps 13%
- PlanB Says Bear Market Almost Over, Bitcoin (BTC) In Buying Range
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Sandbox Price Prediction 2022 : Analysts Show Optimism Towards The Metaverse SAND Token
- Apecoin Price Prediction 2022 : The future of Web3 and NFTs ?
- Ethereum Classic Price Prediction 2022 : Here’s What to Expect from ETC Price ?
- SAND Price Analysis: SAND Buyers Await Trendline Breakout To Go Long
- Avalanche Price Analysis: AVAX Sellers Tease $30 Fallout; Sell or Hold?
- Bitcoin Price Analysis: BTC Price Strikes $30000; Breakout Or Fakeout?
- TRX Price Analysis – Another Bullish Attempt For $0.075 Breakout
- KuCoin Price Analysis: Low Volume Rally Hints Pullback Opportunity in KCS