#UMAUSDT analysis-
UMA made swing high on 27th Dec 2023.
It gave strong breakout on 18th Jan 2024 and increased more than 170% from the breakout level.

#UMAUSDT The price is in an ascending channel, after a not-so-successful breakout

we could see a slight price correction until the price reaches the 2.286 - 2.472 support area, after which the price will decide whether it wants to grow or fall further. If this happens, the bottom of this channel can absorb the price.

🔴 Resistance Line

#UMAUSDT is showing some positive signs, holding strong near the critical support range of $1.500-$1.600. However, #UMA must maintain momentum and stay above this support zone to confirm a bullish continuation. This positioning could pave the way for a breakout above the internal resistance.

For a genuine breakout, UMA has to decisively move beyond the internal resistance at $3.2.

#UMAUSDT

The $1.500demand zone as the first major target for the move downward. Should the market continue to struggle, there's a possibility of reaching even lower levels, with our final target positioned around a stronger support area.

On the other hand, if the price manages to close above $2.830on the daily chart, the bearish outlook will be invalidated, and the market could resume its bullish trend.

#UMAUSDT The price has been able to break its long-term downtrend on the weekly time frame with strength, and the price is above the trendline. The range we have identified on the chart can be a buying range, and with the high targets we have identified, we expect the price to rise until it breaks 1.493, and we are waiting for an upward movement.