In this first cryptonugget of the year 2023, our weekly Wednesday meeting to analyze the situation of an altcoin in the ecosystem, we take a look at the UOS cryptocurrency from the Ultra gaming platform. The last few weeks have not been easy for this asset, hit hard by a downtrend that is affecting many assets in a rather tumultuous context. Without further ado, let’s jump right into TradingView to analyze the key levels and bias to be had for the coming weeks.
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What is your situation on a weekly basis?
On a weekly basis, UOS is at a key level that shouldn’t be missed. Previously resistance in 2020 and 2021, level a $0.18 has allowed UOS, for now, to limit the downtrend. However, will this situation last? Or will the level be forced to give way, opening the door for continued asset declines?
If UOS falls below the current technical level, it will no doubt head towards an old resistance it is at $0.141. This level had prevented the price from rising for several weeks. In case of course return here, a reaction is likely although not mandatory. This level will have to hold as a loss of it could pave the way for the price to return to the 2021 lows a $0.10.
Instead, to hope for a trend reversal on a weekly scale, UOS will have to free itself from the EMA13 to recover an old key support at $0.30. Until this level is recovered, it makes no sense to expect a real change in the current trend. Furthermore, EMA13 is confluent with the recent weekly highs from early December, underlining the need for a new high above $0.23.
UOS under a multitude of daily resistance
On this smaller time unit, we can get a more precise idea of the evolution of the price of UOS during these last few weeks. At the moment, the asset is trying to hold above the technical level at $0.18. Until it breaks this support to the downside, we can have bullish targets in mind.
These different targets correspond to specific technical levels where the price which, having reacted to them in the past, might react again. Here are the different resistors to keep in mind:
- The VAL a $0.19 where the course is currently located. Formerly a daily support, it needs to be regained to hope for deeper bullish momentum.
- Former November-December support at $0.20
- Checkpoint a $0.209, this is the level where the traded volume is the maximum in the selected price range.
- VAH at $0.23, resistance since November
Here we are at the end of this technical analysis of UOS. You can see that the asset is in a downtrend on both the weekly and daily scales. All the more so since, before hoping for a solid upward trend reversal, there will be many technical resistances to be regained over the different time units. A recovery to $0.23 could change the rules of the game and make us think of a real bullish recovery in the asset. Of course, this change won’t be just for UOS but will require a fundamental trend in the same direction for most of the ecosystem.
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