- UMA Price Prediction concludes that UMA Coin is under extreme sell pressure as prices trade near all-time lows
- UMA Price is trying to hold extremely crucial support of $1.476
- UMA token fell 35.05% in one year
UMA Price Prediction sheds light on the extremely bearish sentiments of UMA which is trading near all-time lows. UMA Coin is trading at $1.657. The Market is up 2.22% in the last 24H. The 24H Volume witnessed a surge of 15.99%. The overall market cap of $UMA Token is $120,076,751.
Several DAOs have adopted the use of the oSnap Tool. oSnap is a tool powered by UMA that enables Optimistic snapshot executions that helps DAO’s to achieve trustless governance. Across Protocol, and BarnBridge are one of the several DAOs which have adopted oSnap for the commitment to decentralization.
UMA Network Price Prediction: Prices reached an all-time low.
According to the Daily timeframe, Uma Crypto is witnessing a strong downtrend. The market had a decent start to the year as the bulls managed to pull off a rally of 98% to the price level of $3.00. The bears attacked to pull the prices down and the market consolidated for 2 months before the buyers made a second failed attempt in May.
UMA Price Prediction Points out the weakness of Bulls as they failed to breach $3.00. This was followed by a downfall of almost 58% where the UMA token briefly broke critical support to form a new all-time low of $1.307. The buyers showed up and quickly pushed the prices up by almost 25%.
A struggle to sustain above key support. : Technicals
The 4H showcases a struggle for UMA Coin which is trying to sustain above crucial support. Aggressive selling has come to a pause as the market consolidates. UMA Price is below the 200 EMA which indicates the strength of bears. The market is filled with trapped investors who are worried about falling prices.
The selling pressure is maintained as the existing investors are losing patience and want to exit at a minimum loss. Technical indicators suggest a bearish to sideways market condition. Meanwhile, some investors are getting attracted to cheap prices and excellent risk-to-reward from current levels.
RSI: The RSI indicator is currently at 59.36 on the 4H. It’s an indication of consolidation and sideways momentum.
MACD: MACD is moving along the signal by its side and the histogram bars are small in size. This is due to the lack of momentum .
200 EMA: As observed, on the 4hr, the price is trading below the 200 EMA(exponential moving average) which acts as a significant resistance. This indicates a downtrend where the sellers are in control and for a trend reversal, the price must break and trade above the 200 EMA.
Conclusion:
UMA Price Prediction sheds light on the extremely bearish sentiments of UMA which is trading near all-time lows. The market is driven by fear at present. Technical indicators are pointing out consolidation. Meanwhile, Some investors are looking to gamble as the prices are very low and current levels may offer excellent risk-to-reward if properly managed.
Technical levels
Support Levels: $1.476 – Support 1
$1.302 – Support 2
Current Price: $1.657
Resistance Levels: $1.853- Resistance 1
$2.30 – Resistance 2
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.