Uma is a decentralized blockchain platform that enables users to build synthetic assets. It is a speedy, hack-free, and highly scalable platform for the creation of synthetic assets on the Ethereum blockchain. UMA is the prime governance token of this network. The following UMA technical analysis will predict price trends for the next two days: Past Trends On April 19, 2021, UMA opened at $32.80. On April 25, 2021, UMA closed at $23.29. Thus, in the past week, the UMA price has dropped by 29%. In the last 24 hours, UMA has traded between $23.19-$25.99. https://ift.tt/3tUaDqL Day-Ahead and Tomorrow Currently, UMA is trading at $25.02. The price has increased from the day’s opening price of $23.28. Thus, the market seems to be bullish. The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to start declining. Presently, the RSI indicator is at 43%. It faced rejection at 49% and fell to the current level. Thus, selling pressures are high. High selling activity will exert downward pressure on the UMA price. Hence, like the MACD indicator, the RSI indicator is also pointing towards a price dip. The A/D indicator has started declining gradually. However, it is still upward sloping. Thus, as of now, whale accumulations are higher than whale distributions. The price will continue to rise till distribution activity overtakes the market. Thereafter, the price will start declining. When we look at all the oscillators together, we can say that the price will continue to rise for some time. However, once selling activity surpasses buying activity, the price will start declining. UMA Technical Analysis As per technical analysis, currently, the price is above the Fibonacci pivot point of $24.16. It will soon break out of the first resistance level of $25.23. Thereafter, we have to wait and watch to see the price direction. It may rise further or start falling. As of now, the price has tested and broken out of the 23.6% FIB retracement level of $25.32. It may break out of the 23.6% FIB extension level of $26.65 soon. Thereafter, it may start falling and retest the 23.6% FIB retracement level. If it falls below the 76.4% FIB retracement level of $23.85 by day end, then the bears are strong and the price downswing will continue tomorrow as well.
The post UMA Technical Analysis: Price Above $24.16, Soon to Breakout of $25.23 appeared first on Cryptoknowmics-Crypto News and Media Platform.
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