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<img width="1200" height="578" src="https://coingape.com/wp-content/uploads/2024/01/3ZJHpBIx-e1705843083149.png" class="attachment-full size-full wp-post-image" alt="UMA price" decoding="async" style="float:right; margin:0 0 10px 10px;">
<a href="https://coingape.com/breaking-uma-price-rallies-with-unusual-funding-opportunities-time-to-long/">UMA</a>, the native token of the Universal Market Access Protocol, has garnered significant attention from cryptocurrency investors, particularly due to its impressive performance in a market fraught with uncertainty. Over the past four days, the UMA price has skyrocketed by 212%, achieving a remarkable 20-month peak at $6.73. This surge represents a decisive breakout from a prolonged period of accumulation, marking the emergence of a bullish reversal trend that could pave the way for sustained future growth. 
<h2 id="b-uma-price-escape-from-accumulation-trend-hints-new-rally-ahead-b">UMA Price Escape From Accumulation Trend Hints New Rally Ahead</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">A rounding bottom pattern governs the current recovery trend in UMA price.&nbsp;</li> 
 <li style="font-weight: 400;" aria-level="1">A rising price may face overhead supply at $6.92, followed by $8.87 and $13.3</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in UMA is $553.7 Million, indicating a 33% loss.</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/3/3ZJHpBIx.png" alt="UMA Price" width="1946" height="937">
 <figcaption class="wp-caption-text">
 UMA Price| TradingView Chart
 </figcaption>
</figure> 
For the past 20 months, the <a href="https://coingape.com/uma-price-jumps-80-in-a-day-with-3-million-shorts-liquidated-heres-why/">UMA Price</a> had been largely trading in a lateral movement, struggling to maintain its value above the key resistance level of $4.25. However, this scenario changed dramatically earlier this week when altcoin experienced a substantial influx of investment. This surge led to a remarkable escalation in its price, soaring from $1.92 to $5.98 – a staggering 210% growth within a week. 
This rally could be attributed to the upcoming launch of ‘<a rel="nofollow" href="https://x.com/UMAprotocol/status/1748026452925116613?s=20">Oval</a>’- a crypto solution that, UMA is launching around next week that will elegantly reclaim &gt;$100m of free money lost each year to MEV(Maximal extractable value)- stated by UMA Co-founder <a rel="nofollow" href="https://x.com/hal2001/status/1748036348605534255?s=20">Hart Lambur</a> in an X Post. 
Coinciding with these developments, the <a rel="nofollow" href="https://x.com/CampbellEaston/status/1747967045034037664?s=20">Total Value Secured (TVS)</a> in UMA also experienced a significant boost, reaching a new All-Time High of $775 million. 
<figure id="attachment_175737" aria-describedby="caption-attachment-175737" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-175737 size-full" src="https://coingape.com/wp-content/uploads/2024/01/GEIGAqdXEAAFUPq-e1705843386356.jpeg" alt="Total Value Secured (TVS) in UMA" width="1200" height="488">
 <figcaption id="caption-attachment-175737" class="wp-caption-text">
 UMA- Total Value Secured (TVS)
 </figcaption>
</figure> 
On January 19th, the UMA price gave a decisive breakout from the $4.25 resistance, which indicates the buyers escaped from a 20-month-long accumulation. Followed by a retest candle, the coin price is 25% up today projecting its suitability for high growth. 
<h2 id="b-bullish-reversal-pattern-hints-bottom-formation-b">Bullish Reversal Pattern Hints Bottom Formation&nbsp;</h2> 
A look at the daily time frame chart shows the current recovery in UMA price is developing into a <a href="https://coingape.com/glossary/rounding-bottom-pattern/">rounding bottom pattern</a>. The chart set often indicates the bottom formation of an asset and promotes gradual accumulation from traders to lead to a new recovery. If this buying momentum continues, the UMA price may present a new entry opportunity with a potential breakout above the $6.92 resistance level. 
Under the influence of this pattern, the UMA price is likely to chase $13.37 neckline resistance, accounting for 128% potential growth. 
<ul> 
 <li aria-level="1">Bollinger Band: A coin price challenging the upper boundary of the <a href="https://coingape.com/education/bollinger-band/">Bollinger Band</a> indicator accentuates the buyers’ aggressiveness.</li> 
 <li aria-level="1">Average Direction Index: The high value of ADX(35) reflects the ongoing rally may soon hit exhaustion and trigger a minor pullback to sustain its growth.</li> 
</ul> 
<h3 id="related-articles">Related Articles:</h3> 
<ul> 
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 <li><a href="https://coingape.com/crypto-headlines-of-the-week-bitcoin-etfs-advance-binance-terra-propel-speculations/">Crypto Headlines of the Week: Bitcoin ETFs Advance, Binance &amp; Terra Propel Speculations</a></li> 
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</ul> 
The post <a href="https://coingape.com/markets/this-coin-skyrocketed-by-2000-over-last-week-shall-you-buy/">This Coin Skyrocketed By 200% Over Last Week; Shall You Buy?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

This Coin Skyrocketed By 200% Over Last Week; Shall You Buy?

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