Technical analysis by Zorroreny about Symbol UMA: Buy recommendation (4/16/2025)

UMA created Head and Shoulders top in 2021 which triggered bigger correction. Correction is now complete - 1:1 meassured move to downside done. We are in oversold range and have created longterm bullish divergence. Process of bottom formation can vary from asset to asset (see example Tara and Aioz) but eventually downward pressure is exhausted and we get backtest of highs.I expect bounce up and once price breaks major diagonal resistance line (holding us back for over 4 years) we can expect move to speed up toward fibb 0.886 range (Nov 2021 pivot) where likely rejection and test of fibb 0.5 for support.