So let's try not to mix fundamentals trading and TA but I will start by saying that UMA is an interesting project, it aims to simplify derivatives trading and make trading a derivative of anything possible. It has big partners already but most importantly, everyone wants more derivatives, especially if they can be traded in the US before regulators shut it down.
Theres not a ton of price history to go off of but the price action we are seeing now looks an awful lot like the consolidation before the 3x at the start of Feb.
Markets move in impulses and corrections. We are in a correction now, and the 20% dip that the entire market took last night didn't even break out of the expected trade range for this correction.
Because UMA was already on my fundamentals radar I bought the second it hit the bottom of the trade range. Which it quickly recovered from.
I'd advise for active trading to wait for a small impulsive breakout with a correction to confirm it's on its way up.
The last impulse was around 300% in three days. I'm setting my target a little more conservatively at 200% and I don't think it will be as fast as three days.
Theres not a ton of price history to go off of but the price action we are seeing now looks an awful lot like the consolidation before the 3x at the start of Feb.
Markets move in impulses and corrections. We are in a correction now, and the 20% dip that the entire market took last night didn't even break out of the expected trade range for this correction.
Because UMA was already on my fundamentals radar I bought the second it hit the bottom of the trade range. Which it quickly recovered from.
I'd advise for active trading to wait for a small impulsive breakout with a correction to confirm it's on its way up.
The last impulse was around 300% in three days. I'm setting my target a little more conservatively at 200% and I don't think it will be as fast as three days.