UMA price is showing renewed strength after a confirmed breakout on the daily chart with support holding at $1.50.
Confirmation of Breakout and Retest
UMA has recently formed a bullish structure after breaking out from a symmetrical triangle pattern on the daily timeframe. This move was followed by a retest of the breakout zone, turning previous resistance into support.
Key Resistance Levels and Targets
The immediate resistance for UMA sits at $1.76. A daily close above this level would open the way for higher price action. Traders see this level as a near-term checkpoint before price tests the stronger resistance at $2.05.
Risk Management and Market Context
The invalidation point for the current setup remains at $1.34. This is where traders are positioning themselves as a stop-loss to avoid adverse opportunities. The risk-reward ratio has good conditions because the entry levels are above $1.50.
Holding above the $1.76 level is vital to maintaining UMA's short-term momentum.
