UMA/USDT { UMA } - BULLISH SETUP

ANALYSIS 🔎
- UMA/USDT is retesting the all-time low support.
- There is a relatively high concentration of buyers at this zone.
- The downtrend is resisted by the descending trendline resistance.
- Price is testing the descending trendline resistance.
- Price action is printing an ascending triangle at the test zone.
- A breakout above the descending trendline resistance and ascending triangle's horizontal resistance could be a bullish signal.
- This breakout will lead to the formation of the bullish double bottom pattern.

BUY ENTRY ⬆️
- Conservative entry: breakout above the descending trendline resistance and ascending triangle's horizontal resistance (@11.959).
- Aggressive entry: current market price.

TARGETS 🎯
- Horizontal resistance level (@15.303).
- Horizontal resistance level (@33.470).
- Horizontal resistance level (@43.998).

SETUP INVALIDATION ❌
- Initial invalidation: breakdown below the ascending triangle's inclined support.
- Final invalidation: breakdown below the all-time low support (@7.277).