Resistance

Daily

<ul class="list-ic vertical">
 <li><span>1</span> <a>UMA price has reverted from the channel lower trendline support.</a></li>
 <li><span>2</span> <a>Buyers are attempting to regain momentum and looking for a significant reversal.</a></li>
</ul>
<p>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.</p>
<p>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.</p>
<h2 class="wp-block-heading" id="strong-uma-price-volume-profile-analysis-on-daily-chart-strong"><strong>UMA Price Volume Profile Analysis On Daily Chart</strong></h2> <iframe loading="lazy" title="Santiment Chart: Price (UMA), Volume (UMA)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=xrp&amp;pt=XRP&amp;df=2023-10-23T18%3A29%3A59.476Z&amp;dt=2024-04-23T18%3A29%3A59.476Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Buma%3BUMA%5D%3B%5B1%3Bvolume_usd%3Buma%3BUMA%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p>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.</p>
<h3 class="wp-block-heading" id="strong-price-volatility-and-weighted-sentiment-outlook-strong"><strong>Price Volatility and Weighted Sentiment Outlook</strong></h3> <iframe loading="lazy" title="Santiment Chart: Price Volatility 1d (UMA), Weighted sentiment (Total) (UMA)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=xrp&amp;pt=XRP&amp;df=2023-10-23T18%3A29%3A59.476Z&amp;dt=2024-04-23T18%3A29%3A59.476Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_volatility_1d%3Buma%3BUMA%5D%3B%5B1%3Bsentiment_volume_consumed_total%3Buma%3BUMA%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B" scrolling="no"></iframe>
<p>Per the Santiment data, the <a href="https://www.thecoinrepublic.com/2024/04/24/prom-price-analysis-what-is-the-next-move-for-the-crypto/" target="_blank" rel="noopener noreferrer nofollow">price</a> 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.</p>
<h3 class="wp-block-heading" id="strong-social-dominance-and-x-followers-overview-strong"><strong>Social Dominance and X Followers Overview</strong></h3> <iframe loading="lazy" title="Santiment Chart: Social Dominance (UMA), Twitter Followers 7d (UMA)" width="100%" height="300" src="https://embed.santiment.net/chart?ps=xrp&amp;pt=XRP&amp;df=2023-10-23T18%3A29%3A59.476Z&amp;dt=2024-04-23T18%3A29%3A59.476Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bsocial_dominance_total%3Buma%3BUMA%5D%3B%5B1%3Btwitter_followers_7d%3Buma%3BUMA%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p>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.</p>
<h4 class="wp-block-heading"><strong>Development Activity &amp; Total Open Interest Insights</strong></h4> <iframe loading="lazy" title="Santiment Chart: Development Activity (UMA), Total Open Interest in USD (UMA)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=xrp&amp;pt=XRP&amp;df=2023-10-23T18%3A29%3A59.476Z&amp;dt=2024-04-23T18%3A29%3A59.476Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bdev_activity%3Buma%3BUMA%5D%3B%5B1%3Btotal_open_interest%3Buma%3BUMA%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%2C%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p>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.</p>
<p>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.&nbsp;</p>
<p>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.</p>
<h3 class="wp-block-heading" id="strong-summary-strong"><strong>Summary</strong></h3>
<p>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.</p>
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4>
<p><strong>Support Levels:</strong> $2.40 and $2</p>
<p><strong>Resistance Levels:</strong> $3.40 and $4</p>
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5>
<p>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.&nbsp;</p>

UMA Price Prediction: Can UMA Return To Track Amidst Bearishness?

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Thecoinrepublic.com

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