Like many altcoins, UMA is currently trading in the uptrend. UMA just went up +44% in a single day by breaking a Descending triangle with stable buying volume and surges over +53% in a week.
UMA or Universal Market Access is a protocol for the creation of synthetic assets based on the ETH blockchain. UMA was launched in December 2018. Synthetic assets are a group of assets that represent contrasting, underlying assets and have similar value. UMA specifically enables the users to design and create self-executing, self-enforcing financial contracts secured by economic incentives and run them on Ethereum’s blockchain.
As of now, UMA is ranked 41st cryptocurrency worldwide and its current price is USD 7.66.
UMA just bounced back from its support levels and took a strong parabolic breakout from a Descending Triangle within the next resistance.
“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.”
Why did UMA Breakout?
The latest rise of Bitcoin over 100% since May and then the suggested start of the Altcoin season could have contributed to the current breakout. It can also be attributed to some of the recent news of Mario’s cash launch.
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