UMA (UMAUSD) Confined to a Ranging Movement
UMAUSD Key Zones
Resistance Zones: 33.555, 29.170
Support Zones: 19.500, 14.350
UMAUSD has continued in its consolidation phase. Neither seller nor buyers are acting on the market. The last major move of the price was on the 2nd of February, 2021. Price spiked up from its initial resistance at 14.350 to more than 45.000, which is at a 214% increase. There was an immediate correction in the space of 4 days. Since then, the 33.555 resistance has shielded the price from going higher. Price fell back to the support at 19.500, and it has since been moving back and forth in a sideways trend with 29.170 first and then 33.555 as resistance.
UMA is set to continue ranging sideways as there is no bias to go long or short. From previous price action, the price was in a similar consolidation phase from 20th September 2020 to...
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