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- 1 UMA price has reverted from the channel lower trendline support.
- 2 Buyers are attempting to regain momentum and looking for a significant reversal.
The UMA token price signifies lower top and lower bottom structure and is trading inside a falling channel. For the past sessions, the token witnessed a retracement and has slipped below its key support zone of $3. However, still buyers did not lose their strength and are trying to defeat the bear army and putting efforts for a significant pullback. Amid bearish sentiments, the token regressed over 45% in the last 20 trading sessions.
At press time, the UMA token (UMA) price traded at $2.90 with an intraday gain of 1.78%, reflecting a neutral outlook on the charts. It has a monthly return ratio of -23.27% and 51.90% yearly. The pair of UMA/BTC is at 0.0000436 BTC, and the market cap is $345.47 Million. Analysts are neutral and suggest that the UMA token may retain strength and will outperform in the upcoming sessions.
UMA Price Volume Profile Analysis On Daily Chart
On the daily charts, the UMA token showcases a profit booking structure for the past sessions, and sellers have pushed the token below the crucial support zone of $3. However, the buyers have somehow revived the momentum and delivered a noteworthy rebound of over 28% this week. The intraday trading volume jumped over 13.20% to $7.80 Million.
Price Volatility and Weighted Sentiment Outlook
Per the Santiment data, the price volatility curve noted a decrease in the selling pressure, followed by a drop in the volatility. The price volatility data witnessed a decline of over 16.90% to 0.076. However, the weighted sentiment stayed below the midline around -0.362, signifying a neutral outlook.
Social Dominance and X Followers Overview
Per the charts, the social dominance data replicated a drop of over 12.40% to 0.074%, noting a decline in the media discussion activity. However, the X followers data remained stable below the midline around 5.
Development Activity & Total Open Interest Insights
The development data witnessed a follow on up move and spiked over 14.67% ,sustained near the midline around 19.1, showing a positive outlook. Similarly, the derivative data signifies long buildup, the open interest spiked over 2.39% to $9.47 Million.
Per the Fib levels, the UMA price has rebounded from its 23.6% zone and is trading below the mid bollinger band resistance zone. Similarly, the RSI curve stayed in the oversold region, but a positive crossover was noted on the charts.
The total supply of the UMA token is 118.78 Million, whereas the volume-to-market cap ratio is 0.0225, and it is ranked 193 in terms of market cap in the global crypto market.
Summary
The UMA token rebounded from the demand zone of $2 and is gaining momentum amidst the bearish market sentiments. However, the token still needs to cross the 200 day EMA mark, which is the make or break region to surpass.
Technical Levels
Support Levels: $2.40 and $2
Resistance Levels: $3.40 and $4
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
