UMA Breakout Analysis – Parabolic Breakout on UMA with +53% Gains in a Week

UMA is trading in uptrend here like many other altcoins. The Cryptocurrency UMA just went up +44% in a single day by breaking a Descending triangle with strong buying volume and surges over +53% in a week.

What is UMA?

UMA, or Universal Market Access, is a protocol for the creation of synthetic assets based on the Ethereum blockchain. UMA was launched in December 2018. Synthetic assets are a class of assets that represent different, underlying assets and have the same value. UMA specifically enables its users to design and create self-executing, self-enforcing financial contracts secured by economic incentives and run them on Ethereum’s blockchain.

UMA Quick Stats

SYMBOL:	UMA
Global rank:	41
Market cap:	$821,920,594 AUD
Current price:	$14.73 AUD
All time high price:	$36.63 AUD
1 day:	+44.74%
7 day:	+53.94%
1 year:	+129.34%

UMA Price Analysis

At the time of writing, UMA is ranked 41st cryptocurrency globally and the current price is $14.73 AUD. This is a +53.94% increase since 16th December 2020 (7 days ago) as shown in the chart below.

If we see the above 4-hour candle chart, UMA just bounced back from its support levels of $9.35 AUD and took a strong parabolic breakout from Descending Triangle within the next resistance which was at $11.61 AUD. The yellow line is acting as a support level for this Descending triangle trend.

“A descending triangle is a bearish chart pattern used in technical analysis that is created by drawing one trend line that connects a series of lower highs and a second horizontal trend line that connects a series of lows”

What do the technical indicators say?

The UMA TradingView indicators (on the 1 day) mainly indicate UMA as a buy, except the Oscillators which indicate UMA as a sell.

So Why did UMA Breakout?

The recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. It could also be contributed to some of the recent news of Mario.cash Launch.

The @youmychicfila team has launched https://t.co/kAPV294hvT, where traders can mint synthetic Bitcoin Cash (BCH).

If you wish to short sell $BCH, you can mint it and then sell it. To be long BCH, simply buy it on Balancer.

Mario Cash is collateralized with renBTC.

— UMA (@UMAprotocol) December 16, 2020

Recent UMA News & Events:

• 09 September 2020 – Binance Listing
• 13 October 2020 – ATOMARS Listing
• 21 October 2020 – WazirX Listing

Where to Buy or Trade UMA?

UMA has the highest liquidity on Binance Exchange so that would help for trading UMA/USDT or UMA/BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.