UMA Technical Analysis: Price Tested and Fallen Below the Fibonacci Pivot Point of $9.829

UMA, or Universal Market Access, is a protocol for the creation of synthetic assets based on the Ethereum (ETH) blockchain.UMA enables its users to design and create self-executing, self-enforcing financial contracts secured by economic incentives and run them on Ethereum’s blockchain. It allows counterparties to digitize and automate any real-world financial derivatives, such as futures, contracts for differences (CFDs) or total return swaps. It also enables the creation of self-fulfilling derivative contracts based on digital assets, like other cryptocurrencies.

Let us look at how the UMA technical indicators are reacting today.

Past Performance

On July 3, 2021, UMA started trading at $8.732. As of June 4, 2021, the closing price of UMA was $9.171. Thus, in the past week, the UMA price has increased by 8.96% and reduced by 3.42% during the last day. In the last 24 hours, UMA has traded between $12.464 – $10.076.

https://www.tradingview.com/x/UCZWG7Zf/

Day Ahead And Tomorrow

Currently, UMA is trading at $9.689. The price has slightly reduced from the opening of $10.461. As price moved to a high and the price touched its peak at $10.470 a few hours back, fell downward to $9.690 and rose to $9.837.

The MACD and signal lines are near zero – a bearish crossover by the MACD line over the signal line has occurred. Thus, it looks like the UMA price analysis is on the lower side.

The RSI indicator is at 53%. It has fallen from the 80% mark. Thus, it indicates that the selling pressure is high in the market. Hence, we can expect the price to fall for some time.

The price has tested and fallen below the Fibonacci pivot point of $9.829. As some of the oscillators have shown bearish signals, we can expect the price to fall and test the first Fibonacci pivot support level of $9.892 soon.

UMA Technical Analysis

The price has been tested and is currently trading below the 38.2% FIB retracement level of $10.000. If the price falls below the 23.6% FIB extension level of $9.652 in some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue for a few hours.

However, if the price tests and rises above the 38.2% FIB retracement level of $9.863. It can test the 50% FIB retracement level of $9.923.