Ultra (UOS) is a gaming platform that uses blockchain to expand. Through its many collaborations, it offers multiple tools: game distribution, implementation of a hot wallet, integration of an NFT system, and many other things that, according to the team behind the project, could revolutionize gaming. So, today we’re going to take a look at the graphical analysis of the UOS token.
A move against Bitcoin?
After a long period of contraction of 230 days within a descending triangle, the release in August 2020 allowed an ATH of 2007 satoshis against Bitcoin.
However, UOS failed to hold on to former levels, returning to 270 satoshis within 4 months. This is a classic consequence of rising too powerfully and too quickly, not allowing the price to build technical levels that would have acted as long-term support.
However, since the beginning of 2021, UOS has been recovering, currently at the same level as its ATH. Since April, it has been moving between increasing buying and selling pressure. This pressure can be represented with the two red lines materialized on the chart.
The price seems to be rejected at the ATH level at the moment. Is this just a pause before starting a price discovery phase in the next few days? Or is it a short term victory for sellers, pushing the price to come and look for old supports?
If the second scenario is confirmed, two supports could be offered to UOS: the 1800 and 1650 satoshis. A break of these two levels could take us even lower, to the level of the red support line which materializes the buying pressure since last April. The price will therefore be watched in order to consider the most likely scenario in the coming weeks.
The train already left for UOS?
When it comes to UOS against the dollar, the price action is completely different. In weekly, after a 399-day accumulation, the price broke its high bound in late summer 2020. Since that move, the price has always maintained an uptrend with higher and higher lows and highs.
As with the BTC, there is an evolution between buying and selling pressure, both materialized with a support and resistance line.
On this weekly chart, it is difficult to know if the price could come to seek its resistance or its support in the coming weeks. So, let’s move to the daily chart in order to have much more detailed information.
UOS has recently come to break at the highThe price was able to break out of the March/April 2021 ATH, where it had been rejected three times, demonstrating the strength of the selling force at that time. After a return to $0.18, corresponding to an old resistance of December 2020, the price was able to take off again by evolving progressively between support and resistance, allowing the price to build interesting zones such as $0.7 and $0.5 which could perhaps act as support for a potential correction to come in the next few months.
In any case, UOS seems to be in the process of making a major move against BTC. Buyers will have to come forward even more to break the 2020 ATH, which would potentially pave the way for a more powerful move. As for UOS against the dollar, we are currently in price discovery. It is complicated to predict future price movements. Thus, a plan must be considered, whether it is for accumulation with a view to investment over several years, or short term speculation with many profit taking.
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