UMA Soars by 2% – Is Market Confidence Restored?

On Aug 24, 2023

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The Universal Market Access native token UMA was on a stable market since June 20 before it dropped to $1.3 on August 17. However, the market bounced back the following day, climbing back by over 15% to $1.44 before dropping slightly on August 22.

Since then, the bulls and bears have been fighting to take control, leaving the coin between the $1.4 and $1.3 levels. As of 7:00 AM EST today, August 24, the currency trades at $1.39.

With the 1% increase in the market today, the investor’s confidence might also be growing. Unfortunately, looking at the 7-day and 14-day price movements, the coin is still unfavorable to the buyers.

Can UMA Hold Momentum?

UMA has recently rebounded from the lower edge of the Bollinger Band indicator, suggesting a potential shift in its price trend. Also, a bounce-off from the lower band could mean that it’s starting to move upward after being undervalued.

Looking at the chart, the market might recover significantly with added volume from the buyers in the coming week. Conversely, if the market closes today with a red candle below the Bollinger Band indicator, it could signal bearish momentum.

The MACD trading below the single line shows the bearish pressure that previously affected the market. However, the fading red histogram bars signal that the bearish pressure is decreasing and the buyers are building momentum.

If the buyers could sustain the momentum, the market might pump high, targeting its previous monthly high at $ 1.8.

Meanwhile, while this could be a sign that the coin might perform positively, traders should consider other technical tools to get an in-depth review of UMA’s price outlook.

Potential UMA Price Target

Despite the uncertain market structure of the crypto market, UMA/USD still has enormous potential to hit monthly highs soon.

The daily chart shows that UMA/USD has increased for the past three months, trading between the $1.317 support level and the $1.800 resistance zone. Presently, the market is above the support level, and a retest to the point will be a potential entry point for swing traders and investors.

Considering the analysis, if the market picks from this point ($1.293), it will ride to the first target at $1.8, giving traders over 39% of their investment. Additionally, the market reaching the next target at $3.17 will bring a whopping 132% for investors who enter the market from ($1.293) point.

Meanwhile, the risk-to-reward ratio of the trader is 1:7, meaning that if you’re willing to risk $100 on a trade, the ratio would mean you’re aiming for a potential profit of $700.

This ratio evaluates whether a trade is worth taking, as a higher reward relative to the risk can indicate a favorable opportunity. However, risk-to-reward ratios are not a guarantee of success.

Latest Partnership with FORE Could Push Price High

According to a retweeted post by UMA, FORE has partnered with them to enhance the upcoming prediction markets. FORE believes that integrating UMA Optimistic Oracle into its p2p predictions system will bolster the accuracy of market outcomes and ensure swift payouts to participants.

FORE partners with @UMAprotocol to secure the next generation of prediction markets 🤝
FORE will integrate UMA #OptimisticOracle into its #p2p #predictions ecosystem to further reinforce the validity of market outcomes and ensure fast and efficient payouts to market… pic.twitter.com/D6IGKy3dfc
— FORE Protocol (@ForeProtocol) August 23, 2023

In addition, UMA speeds up dispute resolution, reducing potential delays and uncertainties. Using UMA’s external validators, separate from the FORE platform, ensures a fair and neutral method for resolving conflicts on FORE Predict.

According to the Co-Founder of FORE Protocol, Timothea Horwell, this integration transcends mere technological integration; it’s a meeting of minds driven by shared values of decentralized validity and community empowerment.”

This collaboration might impact the price of UMA coins because when more people use UMA for projects like this, it could make it more popular.

UMA’s Potential oSnap V2 Launch Could Spike Investor’s Interest

On August 16, UMA Tweeted about the launch of oSnap V2, creating massive excitement within its ecosystem. The post hinted that the community should expect more news later this month concerning the launch of the long-awaited oSnap v2.

As excitement builds around the improved features, there could be a surge in demand for the coin, which might drive its price upward.

In addition, a successful v2 launch could improve UMA’s long-term prospects, attracting investors who believe in the project’s sustainability. Also, this renewed confidence could result in a gradual price increase over time.

Investors Joining The Market

Data from Etherscan shows that the coin has attracted over 100 new holders this month despite the bearish outlook. This influx of holders indicates growing interest and participation in the coin’s ecosystem.

As the community expands, trading activity and engagement with the coin’s features may increase. In addition, the growing number of holders could contribute to a stronger sense of community and potentially impact the coin’s visibility and value in the market.

UMA Alternative – SONIK, Next 10x Meme Coin

Even with the challenges in the crypto market and popular meme coins, a new coin, Sonik Coin, has done something impressive.

In less than a month, the project has raised over $400,000 from early investors, which is remarkable for a new project. With the current presale speed, SONIK hitting its hard cap aimed at $2 million could happen anytime soon.

Also, according to the site, Sonik Coin will be the fastest cryptocurrency to reach a market value of $100 million. Considering the presale performance, achieving such a target might be possible for the coin.

People are interested in Sonik Coin because it lets you earn rewards by staking your tokens, as they explained in their plan. The project promises that users who lock their tokens could make more than 1,000% in tips yearly.

While the presale is ongoing, there are reports and clear indications that buyers use the staking feature. More than 14 billion $SONIK tokens have been staked, and they’re expected to bring around 183% in rewards.

Investors have a limited timeframe to utilize SONIK’s low price of $0.000014. According to the Sonik official page, less than 13 days remain for the project to end the presale activities.

Wall Street Memes – Next Big Crypto