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The Universal Market Access (UMA) token market continues to trade below $3.07. A few sessions ago, it appeared that the market might break this resistance level, but bears managed to hold it down. Today, the price of the UMA token has risen slightly by 0.95%. However, this increase occurred above a key level, warranting further examination.
Universal Market Access Statistics:
UMA Price: $2.828
Universal Market Access Market Capitalization: $240.20M
UMA Circulating Supply: 85.81M
UMA Total Supply: 121.82M
Universal Market Access CoinMarketCap Rank: 192
Key Price Levels:
Resistance: $2.50, $3.00, $3.50
Support: $2.00, $1.50, $1.00
The UMA Market May Head Towards $3.07
While the Universal Market Access token has seen only a small price increase today, as noted, this increase occurred above an important level. The latest price candle on the chart appears green and sits above the middle line of the Bollinger Bands.
Additionally, the Stochastic Relative Strength Index (Stochastic RSI) lines have crossed below the 50 mark, with these lines showing a steep upward trend after the crossover. However, an upper shadow on the latest price candle indicates that downward pressure is already affecting the session.
Universal Market Access Faces Strong Resistance at the $2.836 Mark
Although the UMA market’s short-term upward trend remains intact, the market may have encountered resistance at the $2.836 price level. Trading activity continues above the middle of the Bollinger Bands, and the Stochastic RSI lines are still pointing upwards despite converging in the overbought zone.
The most recent price candle appears bearish and shows a longer lower shadow, suggesting that while upward momentum is present, downward forces are strong enough to hold the market steady. However, it is possible that bullish forces could continue to apply pressure, potentially preventing a bearish crossover. This will keep crypto signals targeting the $3.07 mark relevant in this market.
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