NOTE: chart pattern's lines are drawn according to 4h chart but in order to show better the pattern I chose the daily one.
UMA had recently broke out from a falling wedge, created a new HL and was on a promising trend, also I had noticed a Cup&handle which was working out well. However in this market were people (and bots) sell when BTC goes down all it takes to mess things up is a panic sell and that it was. during last two days BTC made the market dump hard, so hard it changed many patterns and UMA is among those.
Recent drop invalidate what I said so far, I personally think this is now a triangle. From this point of view I won't the price to go a bit lower and touch the bottom of the triangle, I actually would like it because this would strenghten my pattern interpretation but UMA has shown to be very, very influenced by BTC so if BTC goes down UMA will too. Target and resistance (the violet one is wider a resistance zone) are on the chart. if you wanna enter wait to see if price starts going up or if try to tests the lower of the triangle.
Sooner or later history will repeat itself and UMA will go over 40$
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If we close the 1h candle over current price resistance (22.974) which coincide with EMA 200 it's a good sign. If we close the 4h candle as well is a great sign! UMA got pumped also from Coinbase sharing that giveaway about it, take the chance to read it, the project is very good!
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we didn't close that candle over that resistance, price bounced back but I think we're about to go up again as retracement wasn't heavy
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I was right, the retracement wasn't heavy and UMA bounced back. Currently at +17% and over resistance at 4h but testing a daily resistance. It's likely to test again the triangle and hopefully bounce back. Meanwhile ANT announced they'll use UMA options.
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UMA released other good news and now has properly broke out. 4h candle is closing as inverted hammer so this is going down but as long as we stay on this new price level it'll be fine! Have patience.