- A rise of 5.14% has been observed in the UMA token price during the weekly trading session.
- Moving averages are showing strong bearish signals in the current phase.
- UMA all-time high price stands at the $43.37 level.
Uma (UMA) is an optimistic oracle, a vital part of the blockchain infrastructure. It was founded in 2018 to make global markets fair, accessible, secure, and decentralized. The traditional finance derivatives drive the inspiration behind this Oracle. It is an open-source protocol allowing anyone to design and build trustless financial contracts.
Supply Changes, Valuation, and 2024 Performance UMA Crypto
The cryptocurrency is currently performing 93.71% below the all-time high price, which was created back in Feb 2021. UMA has an unknown maximum supply of tokens, which can make the crypto an inflationary model. There are 118.80 million UMA tokens that have been created, out of which 79.80 million are currently in circulation.
The market capitalization for the current circulation supply stands at $217.16 Million, having the 272nd dominance ranking across the crypto world. UMA crypto’s entire diluted market capitalization is estimated at $322.94 Million. The trading volume has reached $11.62 Million, with a decline of 49.34% in the last 24 hours.
In January 2024, the crypto price experienced a massive upsurge in value. That happened due to the strong approach of cruisers and traders after getting positive results in December 2023. UMA recorded over 100% positive returns and a 200% bullish rally during that month.
However, the massive price rise had a negative impact in February 2024. Due to the random upsurges, the price missed the correction, and that caused uncertainty and instability. The cryptocurrency recorded 8.28% negative returns in February 2024, 7.30% minimal positive returns in March, and 38.26% opposing rallies in April 2024.
Price to Volume and Social Dominance Analysis
Cryptocurrency has been highly influenced by social dominance since January 18, 2024. The social buzz covered over 0.74% dominance across the crypto network, positively impacting the price. The trading volume, price, and social buzz correlate, reflecting the importance of social tweets and people’s points of view towards the UMA crypto.
Technical Analysis of the Uma (UMA) Price
The short-term outlook lies below the key exponential moving averages on the bearish side. The current price is moving below the 50-day and 200-day EMAs, indicating bearish sentiments in technical terms.
UMA price has given a breakdown of the $3.28 key support level. The price made an opposing move to the $2.10 demand zone afterward. In recent sessions, the price made a 49% bullish move from that demand zone. Regarding the technicals, if the price closes above the $4.10 level, a resurgence of the bullish trend can be expected. Or if the slips below the $2.10 demand level, it can fall to the $1.81 level.
The relative strength index (RSI) is showing bullish momentum in the current trading sessions. The RSI and the signal line had a golden crossover, indicating a reversal in strength. The RSI is moving at 37.76 above the signal line.
Summary
The UMA token price has been experiencing bearish sentiments since January 2024. The cryptocurrency recorded over 60% decline during that opposing rally. However, the price reached the key demand zone in the current phase. As far as the technicals are concerned, a resurgence of the bullish trend can be expected if the price closes above the $4.10 level. The price can fall to $1.81 if it slips below $2.10.
Technical Levels
- Resistance Levels: $3.28 and $5.49
- Support Levels: $2.10 and $1.81
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.