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UMA price analysis: is now a good time to buy this cryptocurrency?

UMA price analysis: is now a good time to buy this cryptocurrency

UMA/USD has advanced from $9.10 above $15 since the beginning of August, and the current price stands around $13.

Fundamental analysis: UMA has experienced tremendous growth in its user activity

The cryptocurrency market continues to perform well in the last trading days of August 2021, Bitcoin is trading very close to $50000 resistance, and this situation also supports the price of UMA. If this positive trend continues, UMA could stabilize again above $15 resistance.

Last week, Morgan Stanley announced that its investments funds have acquired over 6.5 million shares in Grayscale Bitcoin Trust (GBTC), and another positive news is that Allied Market Research reported that the global cryptocurrency market would hit $4.94 billion by 2030.

“The main drivers will be increased demand for international remittances and more transparency in global payments systems. The Asia-Pacific crypto industry will be the fastest growing because of increased competition from a growing number of exchanges,” Allied Market reported.

UMA is an open-source infrastructure that enables the creation of fast, efficient, and secure synthetic assets on the Ethereum blockchain. UMA is driven by a shared belief that financial markets should be free, open, and fair, while tokens that are built on this infrastructure can track the price of anything.

UMA offers the opportunity to pursue prosperity and build financial independence and allows you to easily develop a new synthetic asset by using a priceless synthetic token contract template. The native token of this open-source infrastructure is the UMA token, which is used as a governance token for the UMA system.

UMA has experienced tremendous growth in its user activity this year, and the main question among traders is whether the UMA is undervalued at the current price and will the price go up in September 2021.

Fundamentally looking, UMA is a truly unique DeFi project with unimaginable potential, and the popularity of this project is rising across the globe. Technically looking, UMA continues to trade in a buy zone, and for now, there is no risk of the trend reversal.

Technical analysis: UMA continues to trade in a buy zone

Data source: tradingview.com

UMA currently trades around the $13 level, and it would be a strong buy signal if the price jumps above $15 resistance. The next price target could be around $17 or even above; still, if the price falls below $10 support, we have the open way to $8.

Summary

The cryptocurrency market continues to perform well in the last trading days of August 2021, Bitcoin is trading very close to $50000 resistance, and this situation also supports the price of UMA. Technical indicators remain bullish, suggesting that UMA will probably continue its positive trend; still, if the price falls below $10 support, it would be a firm “sell” signal

The post UMA price analysis: is now a good time to buy this cryptocurrency? appeared first on Invezz.

Source: INVEZZ

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