Universal Market Access is a protocol to create synthetic assets that are based on the Ethereum blockchain. A synthetic asset is a different asset class that represents the value of the underlying asset. However, UMA helps its users to create self-enforcing financial contracts and run them on Ethereum. The following UMA technical analysis will predict the price trends for the next few days:
On June 10, 2021, UMA started trading at $13.01. As of June 16, 2021, the closing price of UMA was $12.04. Thus, in the past week, the UMA price has plummeted by roughly 7%. In the last 24 hours, UMA has traded between $11.85-$13.14.
Currently, UMA is trading at $12.20. The price has increased slightly from the opening price of $11.97. Thus, the market looks positive.
The MACD and signal lines are negative. However, a bullish crossover by the signal line over the MACD line has occurred. Thus, the overall market momentum is bullish, and we can expect a price to rise. However, both the lines are close to the zero lines and may change signs soon. Thus, a trend reversal is on the horizon.
The OBV indicator is gradually falling. Thus, selling volumes are higher than buying volumes. Hence, we can expect the UMA price to decrease.
The RSI indicator is at 49%. It has just rallied from the 30% mark. Thus, buying pressures are slowly mounting. Hence, we can expect the price to start rising again in a few hours.
The price has fallen below the Fibonacci pivot point of $12.38. As some oscillators have shown bearish signals, we can expect the price to fall below the first Fibonacci pivot support level of $11.81 soon.
The price has tested and fallen below the 23.6% FIB retracement level of $13.14. If the price falls below the 23.6% FIB extension level after some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well.