After several attempts, the price of #UMA finally failed to break the resistance level of $3.800-$3.900 , and the bearish scenario continued.
The support level of $3.100-$3.200 - has been broken, and the price has formed a relatively downward channel in the short term. Now, the price is at the bottom of the channel. If the price decline continues and the current level is breached, the price will drop to $2.500.
In the higher time frame, all these fluctuations of the reforms are a big upward movement, and in the long term, it is still an upward trend.
The support level of $3.100-$3.200 - has been broken, and the price has formed a relatively downward channel in the short term. Now, the price is at the bottom of the channel. If the price decline continues and the current level is breached, the price will drop to $2.500.
In the higher time frame, all these fluctuations of the reforms are a big upward movement, and in the long term, it is still an upward trend.
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#UMA is decreasing in a descending channel in the 4-hour time frame.
Maintaining the level of 2,330-2,410 dollars is very important for the price, but according to the pattern of two peaks formed in the chart, the price can decrease to the bottom of the channel according to the pattern. So, the first target is $2.100. Currently, this scenario is much more likely.
Maintaining the level of 2,330-2,410 dollars is very important for the price, but according to the pattern of two peaks formed in the chart, the price can decrease to the bottom of the channel according to the pattern. So, the first target is $2.100. Currently, this scenario is much more likely.
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