Since the beginning of August, UMA/USD has risen from $9.10 to $15, with the present price hovering around $13.
Fundamental analysis: UMA’s user activity has increased dramatically.
In the final trading days of August 2021, the cryptocurrency market continues to perform strongly. Bitcoin is trading very near to the $50000 resistance level, which supports the price of UMA. If the current upward trend continues, UMA may be able to re-establish itself above the $15 barrier level.
Morgan Stanley revealed last week that its investment funds had purchased over 6.5 million shares in Grayscale Bitcoin Trust (GBTC), while Allied Industry Research predicted that the global cryptocurrency market will reach $4.94 billion by 2030.
“The primary drivers will be growing demand for international remittances and increased openness in global payment systems.” Because of rising competition from an increasing number of exchanges, the Asia-Pacific crypto market will be the fastest expanding.
UMA is an open-source architecture that facilitates the production of synthetic assets on the Ethereum blockchain that are fast, efficient, and safe. UMA is motivated by a common philosophy that financial markets should be free, open, and fair, and tokens developed on this architecture can monitor the price of anything.
UMA helps you to pursue prosperity and financial freedom by quickly developing a new synthetic asset utilizing a priceless synthetic token contract template. The UMA coin is the native token of this open-source infrastructure, and it serves as a governance token for the UMA system.
This year, UMA has seen remarkable growth in user activity, and the primary concern among traders is whether the UMA is undervalued at the current price, and whether the price will rise in September 2021.
Fundamentally, UMA is a truly unique DeFi initiative with infinite potential, and its popularity is growing over the world. Technically, UMA remains in a buy zone, and there is little possibility of a trend reversal at this time.
Technical analysis: UMA is still trading in a buy zone.
UMA is now trading around the $13 level, and a price surge above the $15 resistance level would be a strong buy signal. The next price goal might be around $17 or even higher; but, if the price falls below the $10 support level, we have an open path to $8.
In the final trading days of August 2021, the cryptocurrency market continues to perform strongly. Bitcoin is trading very near to the $50000 resistance level, which supports the price of UMA. Technical indicators remain bullish, implying that UMA would most likely continue its upward trajectory; but, if the price falls below the $10 support level, it would be a strong “sell” signal.