bullish

Resistance

<ul class="wp-block-list">
 <li>UMA holds steady above the $1.50–$1.60 support, signaling possible bullish momentum if maintained.</li>  
 <li>Breaking the $3.20 internal resistance could trigger a significant upside for UMA.</li>  
 <li>A downward break below the current support zone may lead to further declines, potentially toward $1.30.</li> 
</ul>  
<p>UMA, the decentralized financial asset protocol, is hovering in an important support price range at $1.50 to 1.60. This area has made it very crucial for traders and investors since the price is balanced here. Market analysts have highlighted the importance of the support by this level with market trends showing that if <a href="https://cryptonewsland.com/what-to-expect-from-uma-in-2024-surpassing-the-11-96-mark/" target="_blank" rel="noopener noreferrer nofollow">UMA</a> keeps its momentum above the support, then the next bullish breakout above the $3.20 resistance is plausible.</p>  
<h2 class="wp-block-heading" id="h-key-support-holds-steady-amid-volatile-market">Key Support Holds Steady Amid Volatile Market</h2>  
<p>In the latest period, it can be observed that UMA has experienced a decrease in price and an increase during monthly intervals. The zone of $1.50 – $1.60 has become critical because the flow to buy it stabilizes and eliminates the continued decline.&nbsp;</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/stevemarcote/status/1850805931468038636
 </div>
</figure>  
<p>They consider this range critical for UMA’s next 6-12 months outlook, and a dive beneath it could spark more selling pressure that may bring the price even nearer to $1.30. On the other hand, this strength has extended above this level, giving the market participants an indication that UMA may soon challenge other higher resistance levels.</p>  
<h2 class="wp-block-heading" id="h-testing-the-internal-resistance-at-3-20">Testing the Internal Resistance at $3.20</h2>  
<p>The first challenge for UMA is to get over the internal resistance that exists around $3.20. This particular level was a very important level of resistance and has strongly capped the earlier bullish run. Analysts have noted that breaking the $3.20 level could well be a major signal of strength which could attract fresh buyers into the market. However, for this to happen the bulls must take control above the current support level and make a push for buying pressure.</p>  
<p>If we focus on the performance of UMA, it remains somewhat unpredictable at the present moment because the asset is in a descending channel. After all, according to technical analysts, such a formation usually signals a continuation of the negative pressure unless a breakout happens. Underpinning the bull thesis for UMA, a breakdown of the $3.20 level is essential, on the other hand, the bear hypothesis may trigger a pullback towards or below support levels in case the current range collapses.</p> 
<p>The post <a href="https://cryptonewsland.com/umas-struggle-at-3-20-why-this-resistance-level-is-pivotal-for-bulls/" rel="noopener noreferrer nofollow">UMA’s Struggle at $3.20: Why This Resistance Level Is Pivotal for Bulls</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

UMA’s Struggle at $3.20: Why This Resistance Level Is Pivotal for Bulls

Table of Contents

Crypto News Land

Other articles published on Oct 28, 2024

3 Factors That Suggest This Altcoin Priced Under $0.10 is About to Skyrocket As Fantom (FTM) Did ...

FTX Settles $228M Lawsuit with Bybit, Aims for $175M Recovery

Is It Too Late To Buy WELL? Moonwell Price Soars 10% And This Might Be The Next Crypto To Explode

CryptoQuant Analyst Says “I Expect a Bull Rally in Bitcoin”, Explains Why

Upbit Indonesia Resmi Menjadi Anggota di Bursa Berjangka Aset Kripto Indonesia CFX

How Michael Saylor uses the time value of money to combat fiat devaluation

Join our free newsletter for daily crypto updates!