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<p>Decentralized financial contract protocol UMA has seen its native token surge higher over the last 24 hours, rallying over <strong>16%</strong> to currently trade around <strong>$4.76</strong>. The push to new local highs comes as bulls bought up a retest of key support around $3.95.</p>
<p>UMA’s current market cap stands at $367 million with a trading volume of $114 million, which is a 600% surge in the last 24 hours.</p>
<p>UMA enables anyone to design and create financial contracts for synthetic assets. The network uniquely leverages decentralized oracles and holder voting to maintain trustless price feeds powering UMA synth tokens.</p>
<h2 class="wp-block-heading" id="bullish-bounce-off-key-support-level">Bullish Bounce Off Key Support Level</h2>
<p>According to crypto analyst <a href="https://twitter.com/TheCryptoSimon/status/1756971735092515190" target="_blank" rel="noopener noreferrer nofollow">Crypto Simon</a>, UMA appears poised for a trend reversal after holding crucial support around $3.92. That area marks a key breakdown level that could have opened the door to substantially more downside.</p>
<p>Instead, Simon highlights bulls stepping up to buy UMA around current prices, allowing the token to bounce sharply off support. Successfully turning $3.92 into a higher low gives UMA bulls reason to believe the correction may be over.</p>
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<p>UMA has already spiked <strong>16%</strong> from yesterday’s swing low around $3.95. However, Simon notes that UMA remains nearly <strong>45%</strong> off its recent highs, leaving ample room for additional upside.&nbsp;</p>
<p>Failure to hold the current support area could see UMA drop to the next defense at $3.12. But with buyers appearing willing to underpin prices at current levels, Simon believes odds now favor recovery rather than resumed selling.</p>
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<h2 class="wp-block-heading" id="uma-uniquely-enables-synthetic-asset-creation">UMA Uniquely Enables Synthetic Asset Creation</h2>
<p>UMA allows trustless and fully customizable synth tokens to be minted, from cryptocurrencies to commodities and forex assets.</p>
<p>By leveraging decentralized oracles, UMA offers a new paradigm for creating financial exposure without centralized counterparty risk. The model has proven applicable across decentralized finance, crypto options, insurance, and beyond.</p>
<p>As one of the sector leaders enabling synthetic decentralized finance, UMA appears poised to capture further growth as more assets migrate to the chain. And with holders playing a key role in governing new synth token additions, staking UMA provides heightened exposure to expanding platform adoption.</p>
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<p>The post <a href="https://captainaltcoin.com/why-is-uma-price-up-today-analyst-sees-potential-bullish-turnaround/" rel="noopener noreferrer nofollow">Why is UMA&nbsp;Price Up Today? Analyst Sees Potential Bullish Turnaround</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Why is UMA Price Up Today? Analyst Sees Potential Bullish Turnaround

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