The UMA Technical Analysis 2021 for Crypto Traders is a new study that provides traders with an overview of the technical indicators they should watch to make profitable trading decisions in the coming year.
The uma/usdt tradingview is a technical analysis tool that allows users to view the current and historical data for UMA.
We utilize historical data, price analysis, RSI, RVOL, and other information about UMA to evaluate the cryptocurrency’s future movement in Technical Analysis of the UMA Token (UMA) in 2021.
Based on the Ethereum (ETH) blockchain, UMA is a system enabling the production of synthetic possessions. A synthetic asset is a kind of asset that represents a variety of underlying assets and has the same value as the underlying asset. Because UMA is built on top of Ethereum’s blockchain, it is secured by the same proof-of-work hash function. Ethash
Current Market Situation for UMA Token (UMA)
At the time of writing, the UMA price was trading at $8.61 on CoinMarketCap, with a 24-hour trading volume of $28,511,481. UMA, on the other hand, has risen 2.87 percent in the past 24 hours.
In addition, there are 62,019,747.43 UMA in circulation. UMA is traded on Binance, OKEx, Huobi Global, ZG.com, and Hotcoin Global at the moment.
UMA Token (UMA) Technical Analysis 2021
UMA Token (UMA) is currently ranked 105th on CoinMarketCap. UMA may be pushed to new heights by current growth and improvements. Let’s take a closer look at the UMA technical analysis for 2021. The UMA Token (UMA) daily time frame chart is shown below.
The Wyckoff Phase Theory is shown in the graph above. The price cycle of trading instruments, according to Wyckoff’s theory, has four stages: accumulation, markup, distribution, and markdown.
Phase of Accumulation: The accumulation process is shown in the chart as a price range. Furthermore, the bulls are progressively growing, but they still have the ability to drive prices higher. WBTC’s price chart shows a flat price trend.
Phase of Markup: The bulls have enough clout to push prices over the range’s high end. This implies that the price has entered the second phase and is forming a bullish price pattern on the chart.
The third level of theory is the distribution phase. The bear strategy now is to reclaim market power. On the chart, the price is presently flat, as it is in the accumulation phase. The market is in the Distribution stage, as shown by the development of higher and lower points in the chart. Price fluctuations are causing the reduced profit margin, indicating that the market is presently in a selloff.
Following the Distribution phase, a price reduction process, similar to a negative trend, starts, indicating that the bears have the financial power to drive the market down. A markdown will be verified when the price breaks through the lower level of the flat range of the horizontal distribution channel on the chart.
UMA is now in the accumulation phase, indicating that there will be more negative days ahead.
RSI for UMA Token (UMA)
The relative strength index (RSI) of UMA is shown in the chart below.
The RSI will now stay at 46.79, as seen in the chart below. This indicates that the price of UMA is neither overbought nor oversold. This, on the other hand, demonstrates that merchants may trade without worry.
RVOL UMA Token (UMA)
The Relative Volume of UMA is shown in the graph below. RVOL is a trading indicator that shows how current trading volume has changed over time when compared to previous trading volume.
RVOL UMA (Image courtesy of TradingView)
However, in the final week of June, the RVOL of UMA was discovered to be weaker. UMA’s RVOL is now below the cutoff line, indicating that it is one of the weaker players in the current trend.
Moving Average for UMA Token (UMA)
The chart below depicts UMA’s Moving Average (MA). A moving average is a tool used in technical analysis to help traders spot trends.
Furthermore, the price of the UMA is bullish in the 50 MA (short-term) and has breached the 200 MA. It will, however, fully shift to a bearish position.
Because the price of UMA is now trading below the 200 MA, we may anticipate further positive movement in the next days.
Price of UMA Token (UMA) in Comparison to Bitcoin
The price comparison between UMA and BTC is shown in the graph below.
As a result, the trend of the BTC can be seen on the chart, and the UMA is moving in lockstep with the trend. This means that when the price of BTC rises or falls, the price of UMA rises or falls as well.
With the continuing improvements and enhancements to the UMA platform. In current crypto market, UMA has a bright future. UMA, on the other hand, has the potential to soar to new heights.
In addition, the optimistic UMA price forecast for 2021 is $ 35.20. However, as previously said, it has the potential to achieve tremendous heights, hitting $36 if investors believe that UMA is a smart investment in 2021.
What exactly is UMA?
Based on the Ethereum (ETH) blockchain, UMA is a system enabling the production of synthetic possessions.
Where can you get your hands on UMA?
Binance, OKEx, Huobi Global, ZG.com, and Hotcoin Global are just a few of the cryptocurrency exchanges that have UMA listed.
Will UMA be able to set a new ATH in the near future?
The UMA platform’s continuing improvements and enhancements have a good chance of achieving its ATH shortly.
Disclaimer: The views stated in this graph are entirely those of the author. It should not be construed as investment advice. Before investing, TheNewsCrypto staff advises everyone to conduct their own research.
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