UMA, the native token of the Universal Market Access Protocol, has attracted considerable interest among cryptocurrency investors, thanks to its impressive performance in a volatile market. In the last four days, UMA’s price surged by 212%, reaching an impressive 20-month high at $6.73. This significant uptick signals a clear departure from an extended accumulation phase, indicating the onset of a bullish reversal trend that may set the stage for sustained growth ahead.
UMA’s Price Breakout from the Accumulation Trend Suggests a Potential Upcoming Rally
The current recovery pattern is characterized by a rounding bottom.
Potential resistance levels include $6.92, $8.87, and $13.3.
The intraday trading volume for UMA is $553.7 million, reflecting a 33% decrease.
UMA Price| TradingView Chart
For the past 20 months, UMA’s price had mainly been engaged in lateral trading, struggling to surpass the crucial resistance at $4.25. However, a significant shift occurred earlier last week as the altcoin witnessed a substantial influx of investment. This surge propelled its price from $1.92 to $5.98, reflecting an impressive 210% growth within a week.
This notable rally is attributed to the imminent launch of ‘Oval,’ a crypto solution by UMA set to debut this week, aiming to elegantly recover over $100 million annually lost to Maximal Extractable Value (MEV), as stated by UMA Co-founder Hart Lambur in a cross-post.
Concurrently, UMA’s Total Value Secured (TVS) experienced a substantial boost, reaching a new all-time high of $775 million.
On January 19th, UMA’s price decisively broke through the $4.25 resistance, signaling that buyers have emerged from a 20-month accumulation phase. With a subsequent retest candle, the coin’s price is currently up by 25% today, suggesting its potential for significant growth.
