In this first crypto nugget of 2023, our weekly Wednesday meeting to analyze the situation of an altcoin in the ecosystem, we take a look at the UOS crypto from gaming platform Ultra. The past few weeks have not been easy for this asset, which has been hit hard by a downtrend that is hitting many assets in a rather turbulent context. Without further ado, let’s jump straight to TradingView to analyze the key levels and the bias to be had for the next few weeks.
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How is his situation weekly?
On a weekly basis, UOS is at a key level not to lose. Early resistance in 2020 and 2021, the level at $0.18 allowed UOS to cap the downtrend for now. However, will this situation continue? Or will the plain be forced to give in and open the door to further financial collapse?
If UOS breaks below the current technical level, it will undoubtedly head for some old resistance located at $0.141. This level had not allowed the price to rise for several weeks. A rebound here is likely, but not imperative. This level needs to be sustained as a loss could pave the way for a return in price to the 2021 lows $0.10.
On the downside, to hope for a weekly trend reversal, UOS needs to break away from the EMA13 to regain a key old support at $0.30. Until this level is restored, there is no point in expecting a real change in the current trend. Additionally, the EMA13 is confluent with the recent weekly highs from early December, underscoring the need for a fresh high above it $0.23.
UOS under a variety of daily resistances
In this smaller time unit, we can get a more accurate idea of the price development of UOS in the last few weeks. At the moment the asset is trying to stay above the technical levels $0.18. As long as this support is not broken to the downside, we can keep bullish targets in mind.
These different targets correspond to specific technical levels at which price, after reacting to them in the past, could react again. Here are the different resistances to consider:
- The VAL at $0.19 below which the price is currently. Formerly daily support, it needs to be regained to hope for deeper bullish momentum.
- Former support from November and December at $0.20
- The checkpoint at $0.209, This is the level where the traded volume is the largest in the selected price range.
- VAH at $0.23, resistance since November
Here we are at the end of this UOS technical analysis. As you can see, the asset is in a downtrend on both the weekly scale and the daily scale. In addition, before hoping for a solid uptrend reversal, many technical resistances need to be recaptured across the various timeframes. A rebound from $0.23 could be a turning point and make us consider a genuine bullish recovery for the asset. Of course, this change will not only apply to UOS, but will require a fundamental trend in the same direction for most of the ecosystem.
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