Since Feb 1, 2021, the UMA price has massively surged by approx. 154%. The opening price on Feb 1 was near $11. On Feb 3, the closing price reached $27.90. Thus, there has been a phenomenal whale accumulation in the past couple of days. In the past 24 hours, the UMA price is fluctuating between $14.31-$36.73. https://ift.tt/3oH6x1W Days Ahead for UMA Currently, UMA is trading at $28.83. The current price is higher than the opening price of $27.90. If we look at the Bollinger band, the current price is closer to the lower band, indicating that selling pressures are high. So, the price may start falling soon. The A/D line surged five hours back and then fell. Now it is steadily rising again. This indicates that buying pressures dominated a few hours back. But, then selling pressures took over. Now, buying activity is again gradually picking up. Since, both the A/D indicator and the price are rising, we can expect a bullish trend. Unlike intermittent fluctuations exhibited by the A/D indicator, the OBV line is continually rising. Thus, accumulations are increasing indicating high buying volumes. So, as per the OBV indicator too, we can expect a price uptrend. Currently, the AO indicator is positive. It is giving ‘buy’ signals but they are not strong enough to confirm a price uptick. The MACD and signal lines are also positive but very close to the zero line. A bearish crossover by the MACD line over the signal line indicates a trend reversal may occur. The RSI indicator is currently at 50%. A few hours back it had crossed the 70% mark into the ‘overbought’ region. A steady fall to 50% levels indicates that the whale distribution is high. The RSI indicator is giving signs of a price downtrend. The Advance/Decline indicator is falling but the price is rising. This is known as ‘bearish divergence’. It implies that the bullish momentum is not strong enough to sustain. The market is losing its breath. Thus, a downtrend may set in soon. Presently, UMA is trading above the Fibonacci pivot point of $26.31. But, it is struggling to go past the $30 mark. An uptrend can sustain only if the price breaks out of the first resistance level of $34.88. A downtrend also doesn’t look imminent as of now. A downtrend is confirmed only if the price falls to the first Fibonacci support level of $17.75. The current price is well above this point. Thus, we can conclude price uptrend will continue with intermittent price pullbacks as a part of the market correction process. If the price manages to go past the first Fibonacci pivot resistance level today, then bull-run can sustain tomorrow as well.
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