Universal Market Access (UMA) is a blockchain platform that allows users to develop synthetic assets and digital tokens on the Ethereum blockchain. It is a speedy, hack-free, and flexible ecosystem. It is also cost-efficient as it minimizes Oracle usage and on-chain transactions. UMA is the utility token of this network. The following UMA technical analysis predicts the price trends for the next two days: Past Performance On May 12, 2021, UMA started trading at $28.99. On May 18, 2021, UMA closed at $24.80. Thus, in the past week, the UMA price has decreased by roughly 42%. In the last 24 hours, UMA has traded between $22.85-$25.69. https://ift.tt/2S7y8i2 Day-Ahead and Tomorrow Currently, UMA is trading at $23.94. The price has decreased from the day’s opening price of $24.87. Thus, the market seems to be bearish. The MACD and signal lines have just turned negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, the price is likely to decline further. Currently, the RSI indicator is at 44%. It faced rejection at 57% and fell to this level. Thus, selling pressures are high. In other words, like the MACD oscillator, the RSI indicator is also pointing towards a further price fall. However, the A/D line is rising steadily. This implies that whale accumulation is higher than whale distribution. High accumulation activity will exert upward pressure on the UMA price. There is bullish divergence here. In short, when we look at all three oscillators together, we can say that the price will continue to fall for some time. Thereafter, we have to wait and watch if the price starts rising or a bearish trend reversal occurs. UMA Technical Analysis Currently, the price has fallen below the Fibonacci pivot point of $24.45. The price is likely to fall below the first support level of $23.36 soon. Thereafter, we have to wait and watch if the price falls further below or starts rising. At present, the price has tested and fallen below the 38.2% FIB retracement level of $23.93. It may soon fall below the 23.6% FIB retracement level of $23.52 as well. If the price retests and breaks out of these levels by day end, then probably the bulls have gained strength. In that case, the price upswing will continue tomorrow as well.
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