UMA to Pass Resistance of $25.9 - Technical Analysis

Ankita  |  Mar 20, 2021

Universal Market Access (UMA) is a blockchain-based platform for building decentralized apps for synthetic assets. UMA enables users to innovate hybrid assets on the Ethereum blockchain. It is a fast, agile, and safe ecosystem. As mentioned in the previous analysis, the UMA price surpassed the first Fibonacci pivot resistance level of $28.28.

Past Trends

As of March 13, 2021, the opening price of UMA was $27.94, while as of March 19, 2021, the closing price was $25.47. Thus, in the past week, the UMA price has declined by approximately 10%. In the last 24 hours, UMA has traded between $24.67 and $26.04.

UMA Price ANalysis

Day-Ahead and Tomorrow

Currently, UMA is trading at $25.77. The price has increased slightly from the opening price of $25.44. The market seems tilted towards a bull-run.

The MACD and signal lines are very close to the zero line and may turn negative soon. However, a bullish crossover by the MACD line over the signal line has occurred. Thus, we can expect some price corrections amidst an overall bearish price trend.

The RSI faced a bullish swing rejection at 42% and has currently rallied up to 55%. Thus, buying pressures are gradually increasing. Thus, we can expect the UMA price to go up further.

The OBV indicator is upward sloping. So, buying volumes are more than selling volumes. High buying activity will exert upward pressure on the UMA price. Thus, we can expect the price to rise further.

UMA Price Analysis

Currently, the price is just above the Fibonacci pivot point of $25.39. It will soon surpass the first resistance level of $25.90. By the end of the day, if bulls remain strong, we can expect the price to break out of the subsequent resistance levels of $26.23 and $26.75, respectively.

The price has tested and broken out of the 23.6% FIB retracement level of $25.73. Thus, we can expect the bullish trend to continue today as well as tomorrow. Expect to read the signals strongly with every 4-hour window. It is important to see the ups and downs in a definite pattern.

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