- Bullish UMA (UMA) value prediction ranges from $1.429 to $3.800
- Evaluation means that the UMA value may attain above $3.720
- The UMA bearish market value prediction for 2023 is $1.888
What’s UMA (UMA)?
UMA is an optimistic oracle (OO) that has the flexibility to file any verifiable fact onto a blockchain. UMA’s Optimistic Oracle permits contracts to rapidly request and obtain any form of information. Moreover, UMA’s Oracle system contains two core parts that are Optimistic Oracle and Knowledge Verification Mechanism (DVM).
The OO has been known as “a human-powered fact machine” as a result of it’s versatile sufficient to deal with ambiguity and expands the design area doable in web3. UMA’s OO secures a various ecosystem of web3 functions, together with cross-chain bridges, insurance coverage protocols, prediction markets, and customizable DAO tooling merchandise.
UMA (UMA) Market Overview
|📊 Worth Change (1h)||-0.15285 %|
|📊 Worth Change (24h)||-5.39792 %|
|📊 Worth Change (7d)||-18.55805 %|
|💵 Market Cap||$168554789|
|📈 All Time Excessive||$41.56|
|📉 All Time Low||$0.303625|
|💸 Circulating Provide||71232757.6742 uma|
|💰 Whole Provide||113517912.511 uma|
UMA (UMA) Present Market Standing
UMA has a circulating provide of 71,227,885 UMA cash, whereas its most provide is 101,172,570 UMA cash, based on CoinMarketCap. On the time of writing, UMA is buying and selling at $2.40 representing 24 hours lower of 2.15%. The buying and selling quantity of UMA up to now 24 hours is $57,786,812 which represents a 13.82% lower.
Some high cryptocurrency exchanges for buying and selling UMA are Binance, OKX, Deepcoin, Bitrue, and Bybit.
Now that you already know UMA and its present market standing, we will focus on the worth evaluation of UMA for 2023.
UMA Worth Evaluation 2023
Will the UMA blockchain’s most up-to-date enhancements, additions, and modifications assist its value rise? Furthermore, will the modifications within the fee and crypto business have an effect on UMA sentiment over time? Learn extra to search out out about UMA’s 2023 value evaluation.
UMA Worth Evaluation – Bollinger Bands
The Bollinger bands are a kind of value envelope developed by John Bollinger. It offers a variety with an higher and decrease restrict for the worth to fluctuate. The Bollinger bands work on the precept of ordinary deviation and interval (time).
The higher band as proven within the chart is calculated by including two occasions the usual deviation to the Easy Transferring Common whereas the decrease band is calculated by subtracting two occasions the usual deviation from the Easy Transferring Common.
When Bollinger bands are utilized in a cryptocurrency chart, we may anticipate the worth of the cryptocurrency to reside throughout the higher and decrease bounds of the Bollinger bands 95% of the time. The above thesis is derived from an Empirical regulation.
The sections highlighted by pink rectangles within the chart above present how the bands broaden and contract. When the bands widen, we may anticipate extra volatility, and when the bands contract, it denotes much less volatility.
Presently, the Bollinger bands are increasing and UMA has retraced after touching the higher Bollinger band. We may anticipate UMA to land on the Easy Transferring Common (SMA). Though it is likely to be tempting to enter the market when the worth reaches the SMA, hoping UMA to surge, nonetheless, it isn’t the case.
It is because UMA has not surged after touchdown on the SMA on its manner down after touching the higher band. It has reasonably sunk under the SMA and touched the decrease band earlier than surging. Therefore, lengthy place holders might need to look ahead to the market to maneuver and promote out extra UMA, to be able to create demand.
Nevertheless, since UMA has solely retraced after touching the decrease Bollinger bands, the whales might even see this as a chance to dismantle the shopping for place. As such they might purchase an entire load of UMA and make the decreased value rise. This might result in loss to these patrons who’re already positioned an order to enter the market on the decrease Bollinger band.
UMA Worth Evaluation – Relative Energy Index
The Relative Energy Index is an indicator that’s used to search out out whether or not the worth of a safety is overvalued or undervalued. As per its title, RSI indicators assist decide how the safety is doing at current, relative to its earlier value.
Furthermore, it has a sign line which is a Easy Transferring Common (SMA) that acts as a yardstick or reference to the RSI line. Therefore, every time the RSI line is above the SMA it’s thought of bullish and if it’s under the SMA then it’s bearish.
When contemplating the primary inexperienced rectangle from the left of the chart under we will see that the RSI is above the sign. Therefore, UMA is bullish and in consequence, it’s making larger highs.
The second inexperienced rectangle reveals that the RSI line (purple) is under the Sign line (yellow). As such, UMA is bearish or shedding worth. Due to this fact it’s reaching decrease lows as proven within the chart.
Presently, the RSI of UMA is at 52.72 and is under the sign line. As such, the pattern appears to be bearish, therefore, we may anticipate UMA to succeed in a cheaper price stage. Nevertheless, as soon as the RSI reaches under the 50 mark we may anticipate UMA to reverse at any given occasion, therefore, patrons must be vigilant about this and enter the market when the pattern is about to show round.
To correctly adjudicate this situation, it’s higher for the buyers to attend for the market to make a transfer, earlier than making any important strikes. Specifically, they could need to look ahead to the RSI which is under the Sign to cross.
Nevertheless, within the occasion that they look ahead to the RSI to cross the sign line, there’s additionally an opportunity of shedding some proportion of revenue that may very well be gained. As such, these seeking to money in on the lock, inventory, and barrel ought to think about using one other indicator or a mixture of indicators for making certain the chance of the incidence of a pattern reversal.
UMA Worth Evaluation – Transferring Common
The Exponential Transferring averages are fairly much like the straightforward shifting averages (SMA). Nevertheless, the SMA equally distributes down all values whereas the Exponential Transferring Common offers extra weightage to the present costs. Since SMA undermines the weightage of the current value, the EMA is utilized in value actions.
The 200-day MA is taken into account to be the long-term shifting common whereas the 50-day MA is taken into account the short-term shifting common in buying and selling. Based mostly on how these two traces behave, the energy of the cryptocurrency or the pattern could be decided on common.
Specifically, when the short-term shifting common (50-day MA) approaches the long-term shifting common (200-day MA) from under and crosses it, we name it a Golden Cross.
Contrastingly, when the short-term shifting common crosses the long-term shifting common from above then, a demise cross happens.
Often, when a Golden Cross happens, the costs of the cryptocurrency will shoot up drastically, however when there’s a Demise Cross, the costs will crash.
Each time the worth of cryptocurrency is above the 50-day or 200-day MA, or above each we might say that the token is bullish (Inexperienced rectangle). Contrastingly, if the token is under the 50-day or 200-day, or under each, then we may name it bearish (blue triangle part).
Not like a traditional Golden Cross that produces a surge in value, UMA misplaced worth misplaced. However, nonetheless, shortly after shedding worth, UMA was capable of get well. It began rebounding on the 50-Day MA.
After a quick interval of rebounding on the 50-day MA, UMA sought assist from the 200-Day MA which gave it the enhance to rise above each the shifting averages. Nonetheless, the bull’s energy appears to be fading away as UMA is falling in worth trying to find Assist on the 50-Day MA. If the 50-Day MA would come to UMA’s rescue, then it will qualify as a haven for merchants to enter the market.
In distinction, if the 50-day MA fails to carry UMA from falling additional, then the 200-day MA might have to return to UMA’s rescue. If it does then the 200-day MA would additionally qualify as a wonderful entry level for UMA. Nevertheless, merchants ought to look ahead to the formation of some bullish candle sticks as soon as UMA reaches both of the Transferring Averages earlier than getting into the market.
UMA Worth Evaluation – Charge of Change
The Charge of Change Indicator is a momentum oscillator, that measures the change of the present value in opposition to the previous value just a few (n) durations in the past, in proportion. So long as the worth is rising ROC might be optimistic. However, the ROC indicator will attain the damaging zone when the costs cut back. Growing values in both course, optimistic or damaging, point out growing momentum and shifting again towards zero signifies diminishing momentum.
Not like the RSI, ROC has no set overbought or oversold areas, it reasonably is determined by a dealer’s discretion. Merchants usually have a tendency to search out the areas within the optimistic and damaging zones the place the pattern modifications have occurred in regularity. Based mostly on this they might mark their bounds for overbought and oversold areas.
ROC may be used as a divergence indicator that alerts a doable upcoming pattern change. Divergence happens when the worth of a inventory or asset strikes in a single course whereas its ROC strikes in the wrong way.
For instance, if a inventory’s value is rising over a time frame and registering larger highs whereas the ROC is progressively shifting decrease, or making decrease highs, then the ROC is indicating bearish divergence from value, which alerts a doable pattern change to the draw back. The chart reveals an instance of the above situation. The identical idea applies if the worth is shifting down and ROC is shifting larger.
Moreover, the zero line crossover may very well be used to sign pattern modifications. Nevertheless, relying on the quantity used for n (durations) within the indicator the alerts might are available in early or late.
UMA’s extraordinarily overbought areas are marked as Overbought Area 1 at 14.60, Overbought Area 2 at 34.02, and Overbought Area 3 at 53.09. UMA’s pattern reversed many occasions after it reached the Overbought Area 1. In the meantime, UMA’s Oversold Areas are marked as Oversold Area 1 at -20.18, Oversold Area 2 at -42.69, and Oversold Area 3 at -52.41.
Presently, the ROC signifies a price of 12.45 slightly below the Overbought Area 1. Furthermore, the ROC is parallel to the horizontal axis. As such, UMA may transfer in both course. As such merchants ought to do their due diligence.
UMA Worth Prediction 2023
When wanting on the chart above we may see that UMA is trying to find assist on its manner down after touching the higher Bollinger band. We may anticipate UMA to land on the Easy Transferring Common (SMA), nonetheless, if it doesn’t discover assist on the SMA, it may land on Assist 1 at $1.888. Moreover, if UMA doesn’t discover assist at Assist 1, it might tank to Assist 2 at $1.498.
Quite the opposite, if the bulls come to UMA’s rescue we may anticipate UMA to succeed in Resistance 1 at $3.142. Furthermore, if the bulls preserve pushing additional, we may anticipate UMA to succeed in Resistance 2 at $3.720. Nonetheless, it will be higher if patrons let the market settle.
It is because UMA didn’t present any rise from the place it’s throughout its abode on earlier events. Therefore, anticipating an increase from UMA from the place it’s as of now could be fairly unlikely. As such patrons might need to let UMA fall to both Assist 1 or Assist 2 to enter the market.
On the flip facet, sellers might must liquidate their UMA holding earlier than its value additional tanks.
UMA Worth Prediction – Resistance and Assist Ranges
When wanting on the above chart we may see that UMA surged from Resistance 2 to Resistance 6 in late January 2021. After that, we may see a interval of consolidation between Resistance 4 and Resistance 6. Nevertheless, following this era of consolidation, UMA had a fall equal to its drastic surge. It fell from Resistance 6 to Resistance 2.
We may see UMA attempting to get well by consolidating between Resistance 2 and Resistance 4 forming a double backside. Though it was capable of consolidate for a quick interval, the bears had been too sturdy, therefore, UMA fell to Assist 1 in Might 2022. Since then, it’s been a yr that UMA has been resting on Assist 1. Though Assist appears fairly strong if the bears are sturdy sufficient they could trigger UMA to kind new assist ranges.
Disclaimer: The views and opinions, in addition to all the knowledge shared on this value prediction, are printed in good religion. Readers should do their analysis and due diligence. Any motion taken by the reader is strictly at their very own danger. Coin Version and its associates is not going to be held accountable for any direct or oblique injury or loss.