UMA is a decentralized applications platform based on the Ethereum blockchain that allows developers to build synthetic assets. The platform provides priceless contract templates. Developers can create as many tokens as they want for tracking prices. It aims to minimize oracle usage and maximize transaction security. Past Performance of UMA As of March 2, 2021, UMA opened at $20.66. As of March 8, 2021, UMA closed at $26.95. Thus, in the past week, UMA price has risen by approximately 30%. In the past 24 hours, UMA has traded between $22.19-$28.49. https://ift.tt/3v8YlMb Day-Ahead and Tomorrow Currently, UMA is trading at $26.41. It has decreased from the opening price of $26.94. Thus, the market momentum looks bearish. The OBV indicator has risen in the past 24 hours. Thus, the buying volumes are high. As the buying activity increases, the price will go up further. The MACD and signal lines are positive. Thus, the market momentum looks bullish. A bullish crossover by the MACD line over the signal line gives further credence to a price rise. Thus, we can expect the price to soar. The RSI indicator faced a bearish swing rejection at 70% and is currently at 61%. It is a good time for intraday traders to go short. Selling pressures are slowly mounting. Thus, we can expect the price to dip before it resumes its upward journey. Currently, UMA is trading above the Fibonacci pivot point of $25.87. In a few hours, we can expect the price to surpass the first Fibonacci pivot resistance level of $28.28. By the end of the day, if the bulls continue to be strong, and may break out of the second resistance level of $29.77 too. The price has tested and broken out of the 38.2% FIB retracement level of $26.08. It may break out of the 23.6% FIB retracement level of $27 soon. The price uptrend looks strong, and we can expect it to continue tomorrow as well.
The post UMA Broke $26, Expect Bullish Momentum- Technical Analysis appeared first on Cryptoknowmics-Crypto News and Media Platform.
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