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UMA Price Analysis: Would candles help to show retracement?

UMA
  • The universal market access has more than 100,000,000 UMA tokens supply. It is used as a governance token for the UMA system.
  • The token has shown the pattern of bullish engulfing.
  • The RSI oscillator for UMA shows the BUY action.
Tradingview

The last known price of the token(UMA) is 8.56 and is up by 6.53 over the last 24 hours. It has the current trading volume(s) of 22,865,085 with athe gain of 16.28% over the last 24 hours. UMA has addresses of 15120 with the active addresses of 274 in the last 24 hours. The coin has got potential in it as its top 10 and 20 holders have holdings of more than 75% whereas its top 50 and 100 hooters have more than 85% holdings. The chart above shows the movement of it(UMA) where 200 DMA has been running above it and even DMA-50 is above it. 

We see the token with respect to SMA’s which are 20, 50 and 200 and it is SMA-20 which is behind the other two. We see a falling pattern here which shows the bears win one-sided. Although the movement of SMA-20 over 50 leads to intraday or two profits with an average returns of 15%. SMA-20 has recently shifted below SMA-50 on 10 July but we can see the candles gaining support from trend line marked and moving across SMA-50 and so a possibility is generating that SMA-20 could retrace now.

An RSI oscillator is also present in the chart which shows the proper time to buy or sell the token. RSI for the last 5 hours shows the value of 58.433 and marks the buy action. MA-5, MA-10 and MA-20 show the buy action as well but MA-100 and MA-200 show sell action. However, the UMA at present is all set to buy and that is just for an intraday trade.

The bull/bear power has the value of 0.7490 and shows the buy action. The high/low marks the buy action with the value of 0.3396.

The UMA-BTC pair is trailing at the level of 0.0002584 and the gain of 3.25% was seen whereas the UMA-ETH pair is trailing at the level of 0.004068 and the gain by 0.95% was seen in the last 24 hours. The volume/market cap of the token is 0.04394 and its market dominance is 0.04%.

Conclusion: The days range for the coin is 8.5490-8.4590 and presently is at 8.46. The token has been forming candles with higher highs and so it is expected that SMA-20 could move above SMA-50 in the coming time. If you wish to purchase this token then long it as SMA-20 is below SMA-50 and 200 as of now.

Technical Instruments:

Pivot: 8.4753

R-1: 8.5884

R-2: 8.6582

S-1: 8.3622

S-2: 8.2924

Note:

  • The unit is USD
  • SMA-20: Green colour
  • SMA-50: Red colour
  • SMA-200: Blue colour