Up until recently UMA was in a never ending descending wedge, at least until 7th March when it broke out. Subsequently it went down following the market but now I've just noticed that what has formed between the last peak into the wedge and the peak of the broke out it's a cup and the handle is currently being "finished".
Statistically handles start going up after retracing around 20% (like this one, you can see it on my chart), afterward they reach the cup border again and from there the real pump begins. Also, using Fib retracement I noticed that we're close to 0.618 line, an important zone for reversals.
If I'm right this is a perfect moment to enter, the target is on the chart. I'd add that I'm convinced that 45$ should be the minimum we should target for this token. This project is the best one for synthetic tokens (if you don't know check it out).
If you have a lot of money and you don't need to do short trades I suggest you to hold this one as long term although the perfect entrace was before the huge pump which then retraced into the falling wedge.
Stop loss: 20.57$
Statistically handles start going up after retracing around 20% (like this one, you can see it on my chart), afterward they reach the cup border again and from there the real pump begins. Also, using Fib retracement I noticed that we're close to 0.618 line, an important zone for reversals.
If I'm right this is a perfect moment to enter, the target is on the chart. I'd add that I'm convinced that 45$ should be the minimum we should target for this token. This project is the best one for synthetic tokens (if you don't know check it out).
If you have a lot of money and you don't need to do short trades I suggest you to hold this one as long term although the perfect entrace was before the huge pump which then retraced into the falling wedge.
Stop loss: 20.57$
Comment:
UMA has been following the BTC's pump. Volume is up as well, I hope it'll last and will take the price over the neckline of the cup