For this new analysis on Wednesday, we will analyze the UOS token of the Ultra gaming platform. In recent weeks, the asset has managed to maintain a small bullish momentum. However, it has not been joy for a few days. So, what are the key levels to monitor? We will answer it in this article, while trying to establish the most interesting bias to have at the moment.
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Is UOS currently losing an important level?
After having registered a trough at 0.21 dollar during the month of June, UOS picked up again. After breaking up a resistance at 0.295/0.30 dollars, he made some a support. It oscillated for several weeks between the latter and a resistance at 0.40/0.41 dollar. This resistance determined in red is in confluence with the Value Area High of the volume profile. After having been repeatedly failed below this level, a deviation has taken place upwards. UOS peaked at $0.497 before falling sharply and back below resistance.
From now on, UOS is located in an important area where is the POC of the volume profile (price level at which the volume of tokens traded is the largest) at $0.035 as well as the MA100 just below at $0.337. The current trend is clearly bearish with descending troughs and peaks. If there is an acceptance of the UOS price under the POC and it breaks down the MA100 (watch out for the fakeout), the first bearish target will be located on the support at $0.30. The bearish excess could even continue to $0.283 (High Volume Node) or even $0.275 (Value Area Low).
What are the levels to monitor on a smaller timescale?
In H4, we can see the downtrend strength and multiple rejections taking place at resistance at $0.40/$0.41. After losing the EMA200, UOS made a bearish rejection yesterday morning. Since it failed to recover an uptrend and continued to register descending lows and highs, the downtrend extended with a very quick feedback on the POC. If we wish to witness a trend reversal, bottoms and ascending tops will have to be entered. A rally in the EMA200 will be an interesting confluence. However, we are not there yet.
Now we can ask ourselves what are the intermediate levels before the possible fall of UOS to the support at $0.295/$0.30.
- Local support is identifiable at $0.332/$0.334. UOS has repeatedly bounced off this area since August 27. Will this level hold up again if the price returns?
- A second technical level at $0.312. If you check this level on a more important anteriority, you will be able to note the multiple reactions of the price on this level. Thus, it is not to be overlooked.
Here we are at the end of this analysis of UOS. You can notice that the trend is bearish and that currently, the challenge is to stay above the POC of the volume profile as well as the MA100. As explained in the analysis, a loss of these levels could lead to a bearish acceleration of the asset in the current context which is complex at the macroeconomic and geopolitical levels.
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