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- UMA holds steady above the $1.50–$1.60 support, signaling possible bullish momentum if maintained.
- Breaking the $3.20 internal resistance could trigger a significant upside for UMA.
- A downward break below the current support zone may lead to further declines, potentially toward $1.30.
UMA, the decentralized financial asset protocol, is hovering in an important support price range at $1.50 to 1.60. This area has made it very crucial for traders and investors since the price is balanced here. Market analysts have highlighted the importance of the support by this level with market trends showing that if UMA keeps its momentum above the support, then the next bullish breakout above the $3.20 resistance is plausible.
Key Support Holds Steady Amid Volatile Market
In the latest period, it can be observed that UMA has experienced a decrease in price and an increase during monthly intervals. The zone of $1.50 – $1.60 has become critical because the flow to buy it stabilizes and eliminates the continued decline.
#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 pic.twitter.com/xXyBiYik3b
— Steve marcote (@stevemarcote) October 28, 2024
They consider this range critical for UMA’s next 6-12 months outlook, and a dive beneath it could spark more selling pressure that may bring the price even nearer to $1.30. On the other hand, this strength has extended above this level, giving the market participants an indication that UMA may soon challenge other higher resistance levels.
Testing the Internal Resistance at $3.20
The first challenge for UMA is to get over the internal resistance that exists around $3.20. This particular level was a very important level of resistance and has strongly capped the earlier bullish run. Analysts have noted that breaking the $3.20 level could well be a major signal of strength which could attract fresh buyers into the market. However, for this to happen the bulls must take control above the current support level and make a push for buying pressure.
If we focus on the performance of UMA, it remains somewhat unpredictable at the present moment because the asset is in a descending channel. After all, according to technical analysts, such a formation usually signals a continuation of the negative pressure unless a breakout happens. Underpinning the bull thesis for UMA, a breakdown of the $3.20 level is essential, on the other hand, the bear hypothesis may trigger a pullback towards or below support levels in case the current range collapses.