The Universal Market Access is a blockchain network that allows developers to build synthetic assets on Ethereum in a fast, agile, and secure manner. It also allows users to create digital assets that can track the price of anything. It minimizes Oracle usage and on-chain transactions, thereby making the network more tamper-proof. UMA is the native token of this ecosystem and its technical analysis is as follows:
On May 29, 2021, UMA opened at $13.25. On Jun 4, 2021, UMA closed at $16.27. Thus, in the past week, the UMA price has increased by approximately 23%. In the last 24 hours, UMA has traded between $16.06-$16.77.
Currently, UMA is trading at $16.39. The price has increased from the day’s opening price of $16.27. Thus, the market seems bullish.
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 has turned bearish.
Currently, the RSI indicator is at 41%. It faced rejection at 54% and fell to this level. Thus, selling pressures are high. Hence, the UMA price may start falling in some time.
Besides, the OBV indicator has started falling steadily. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the UMA price. Thus, the OBV indicator is giving further credence to the bearish signals given by the MACD and RSI oscillators.
Currently, the price is below the Fibonacci pivot point of $16.37. The price may soon fall below the first Fibonacci pivot support level of $16.09. If the bears remain strong, then the price is likely to fall below the subsequent support levels of $15.93 and $15.66, respectively, by day close.
The price has tested and fallen below the 50% FIB retracement level of $16.41. The price is soon likely to test and fall further below the 38.2% and 23.6% FIB retracement levels of $16.33 and $16.23, respectively. Thus, as of now, the bears are strong. Hence, the price downtrend is expected to continue tomorrow as well.