In this first part of 2023 crypto, our weekly Wednesday meeting to analyze the situation of an altcoin in the ecosystem, let’s take a look at the UOS crypto from the Ultra gaming platform. The last few weeks have not been easy for this asset, which has been hit hard by a downward trend that is hitting many assets in a rather turbulent context. Without further ado, let’s jump right into TradingView to analyze the key levels and biases to have for the coming weeks.
What is his condition on a weekly basis?
On the weekly scale, the UOS is at a key level not to be missed. Previously resistance in 2020 and 2021, the level at $0.18 allowed the UOS, for now, to cap the downtrend. However, will this situation last? Or will the level be forced to surrender, opening the door to a continued decline in assets?
If the UOS breaks below the current technical level, it will obviously go towards an old resistance located at $0.141. This level had prevented the price increase for several weeks. In the event of a reversal here, a reaction is likely although not mandatory. This level will need to hold as a loss of it could pave the way for the price to return to the 2021 lows in $0.10.
On the other hand, to hope for a trend reversal on a weekly scale, the UOS will need to break away from the EMA13 in order to recover an old key support at $0.30. Until this level recovers, it makes no sense to expect any real change in the current trend. Additionally, the EMA13 is in line with weekly highs from early December, highlighting the need for a new high higher. $0.23.
UOS under a host of daily resistances
In this smaller unit of time, we can have a more accurate idea of the evolution of the price of UOS during these last weeks. At the moment, the asset is trying to hold above the technical level at $0.18. As long as it does not reduce this support, we can have bullish targets in mind.
These different targets correspond to specific technical levels where the price, having reacted to them in the past, can react again. Here are the different resistors to keep in mind:
- VAL in $0.19 under which the course is currently located. Once a daily support, it must be regained to hope for deeper bullish momentum.
- Previous support from November and December at $0.20
- 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 technical analysis of UOS. You can see, the asset is in a downtrend on the weekly scale as well as on the daily scale. Furthermore, before we can hope for a sustained uptrend reversal, there will be a lot of technical resistance to regain in the various time units. A recovery from $0.23 could be a game changer and make us think about a real bullish recovery of the asset. Of course, this change will not be unique to UOS, but will require a fundamental trend in the same direction for most of the ecosystem.
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