Crypto nugget: Ultra (UOS) fragile against Bitcoin, against the dollar
In this new crypto nugget for Wednesday, we will analyze the cryptocurrency chart UOS. As the original asset of the decentralized gaming platform Ultra, the past few weeks have turned out to be a bit more positive, both for it and the rest of the market. We will examine the various key levels to watch and the scenarios we can imagine depending on the direction the price will take.
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UOS is on the rise again with buyers on the lookout
Besides weekly trend which is clear bearishI suggest you direct us directly to the unit of time Daily. By breaking Grow resistance at $0.294-0.3 to bounce back a few weeks later. The asset is now struggling with the pivot zone at 0.336-0.34. The goal is clear: sustainably regain this level to establish new bullish targets. You can see price action regularly forming support or resistance. Currently, the UOS is above this zone and has just touched the supply zone.
This offer is in contact with a resistance zone. So, if you want to see UOS at higher price levels, the asset will need to clear this resistance juncture as well as the high momentum level at $0.41. Conversely, if the asset returns below its pivot zone, we can predict a return to the support represented by the gray zone. Finally, if this support breaks, the next level at which we can expect a reaction will be demand area.
In full range on the H4 scale?
You can see forming the H4 band in which the UOS has been developing since it broke its resistance to become a support. Moving between 0.377 and 0.30, you will also notice that the daily pivot zone itself is a key level in H4. The reaction of the UOS at the upper limit of the range is in progress. Is it a simple bounce before being bounced on the underside? As I told you earlier, the goal is to overcome a set of technical levels to break the H4 range and the daily high.
However, the the chances of a bearish reaction are higher, which should lead us to be careful over the next few days. Consolidation at the top of the border that looks like a failure of buyers to retrace a key level. Therefore, it seems crucial to me that buyers retain the pivot zone. If they fail, in addition to the lower boundary of the range corresponding to the old resistance, there are two intermediate levels where we can expect price reaction: $0.326 and $0.314. Their lasting relevance is relative, but they have the merit of being followed in a shorter period of time.
What about bitcoin?
To face the king of cryptocurrenciesafter the old resistance made a support (black level) and broke free of the key zone represented in gray, UOS has exploded in recent days. However, there are still no signs of the asset outperforming bitcoin. Indeed, it still hasn’t returned to the resistance of last July. If Bitcoin doesn’t start falling again, it’s possible to have a small bullish asset. However, until it regains the red zone, we will not be able to have interesting targets on UOS, neither against bitcoin nor against the dollar.
Here we are at the end of this technical analysis days ! You now have the key levels to watch on the UOS asset in your hands. Will he be able to break free from the shelter of the resistance that opposes him? To get there, it will likely have to break through the red zone against bitcoin or at least force the cryptocurrency king to rally or stabilize to get there. Let’s keep a close eye on UOS’s reaction to its cap in H4 and the asset’s ability to resolve it, or not.
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