Uma is a blockchain network that allows users to build synthetic assets on the Ethereum blockchain. It is a fast, tamper-proof, agile, and highly scalable network. It provides a large number of contract templates and aims to lower costs by minimizing on-chain transactions. UMA is the customized token of this ecosystem and the technical analysis is as follows. Past Performance On Jun 16, 2021, UMA opened at $12.55. On Jun 22, 2021, UMA closed at $8.80. Thus, in the past week, the UMA price has decreased by roughly 30%. In the last 24 hours, UMA has traded between $7.49 – $9.34. https://ift.tt/3xHGg8E Day-Ahead and Tomorrow Currently, UMA is trading at $9.24. The price has increased from the day’s opening price of $8.80. Thus, the market seems 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 falling. Currently, the RSI indicator is at 60%. It faced rejection at 47% and rose to the current level. Hence, buying pressures are high. High buying activity will exert upward pressure on the UMA price. Besides, the OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. Heavy buying activity will push the price further up. In short, the RSI and OBV oscillators have given positive signals, while the MACD oscillator has given negative signals. Thus, we can say that currently, the overall market momentum is bullish. But, intermittent price pullbacks as market correction cannot be ruled out. UMA Technical Analysis Currently, the price is above the Fibonacci pivot point of $8.54. It may soon surpass the first Fibonacci pivot resistance level of $9.25. If the bulls regain 100% strength, the price may even surpass the subsequent resistance levels of $9.69 and $10.39, respectively. The price has tested and broken out of the 23.6% FIB retracement level of $8.90. The price may soon surpass the 23.6% FIB extension level of $9.78 as well. If by day close, the price retests and falls below these levels, then probably a bearish trend has set in. In that case, the price will continue to fall tomorrow as well.
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