The Skyrocketed coin By 200% Over Last Week; Shall You Buy?

The formation of a bullish reversal pattern amid key developments in the Network Hints a prolonged rally in UMA price 

By  Sahil Mahadik

UMA, the native token of the Universal Market Access Protocol, has garnered significant attention from cryptocurrency investors, particularly due to its impressive performance in a market fraught with uncertainty. Over the past four days, the UMA price has skyrocketed by 212%, achieving a remarkable 20-month peak at $6.73. This surge represents a decisive breakout from a prolonged period of accumulation, marking the emergence of a bullish reversal trend that could pave the way for sustained future growth.

UMA Price Escape From Accumulation Trend Hints New Rally Ahead

A rounding bottom pattern governs the current recovery trend in UMA price. 

A rising price may face overhead supply at $6.92, followed by $8.87 and $13.3

The intraday trading volume in UMA is $553.7 Million, indicating a 33% loss.

UMA Price| TradingView Chart

For the past 20 months, the UMA Price had been largely trading in a lateral movement, struggling to maintain its value above the key resistance level of $4.25. However, this scenario changed dramatically earlier this week when altcoin experienced a substantial influx of investment. This surge led to a remarkable escalation in its price, soaring from $1.92 to $5.98 – a staggering 210% growth within a week.

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