๐ Technical Analysis: UMA (
$UMA )
Market capitalization: $102 million.
UMA is moving in a wide sideways channel.
๐ก Currently, the price is near the lower boundary of this range, creating an opportunity to trade a bounce from support.
Trading strategyโ
Scenario 1๏ธโฃ: Bounce from support โ this is a good point to open a long position on the bounce.
Set stop-loss below the support level.
๐ฌ Profit target is the middle of the channel.
๐ฌ The profit/risk ratio looks attractive.
Scenario 2๏ธโฃ: Support breakdown.
If the price breaks below the level and consolidates lower, you can open a short p