Fundamental analysis: UMA has experienced tremendous growth in user activity
The cryptocurrency market continues to perform well in the last trading days of August 2021, Bitcoin is trading very close to the resistance of $ 50,000, and this situation also supports the price of UMA. If this positive trend continues, the UMA could stabilize above the resistance at $ 15 again.
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Last week, Morgan Stanley announced that its mutual funds have acquired more than 6.5 million shares in the Grayscale Bitcoin Trust (GBTC), and another positive news is that Allied Market Research reported that the global cryptocurrency market would reach $ 4.94 trillion. by 2030.
“The main drivers will be higher demand for international remittances and greater transparency in global payment systems. The Asia Pacific crypto industry will be the fastest growing due to 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 the shared belief that financial markets should be free, open and fair, while the tokens that are built on this infrastructure can track the price of anything.
UMA offers the opportunity to seek prosperity and build financial independence and allows you to easily develop a new synthetic asset through the use of a priceless synthetic token contract template. The native token of this open source infrastructure is the UMA token, which is used as a government token for the UMA system.
UMA has seen 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 if the price will rise in September 2021.
Basically, UMA is a truly unique DeFi project with unimaginable potential, and the popularity of this project is increasing around the world. From a technical point of view, UMA continues to operate in a buy zone and, for now, there is no risk that the trend will reverse.
Technical analysis: UMA continues to operate in a buy zone
Data source: tradingview.com
UMA is currently trading around the $ 13 level, and it would be a strong buy signal if the price jumps above the $ 15 resistance. The next price target could be around $ 17 or even higher; even so, if the price falls below the support of $ 10, we have the way open towards $ 8.
The cryptocurrency market continues to perform well in the last trading days of August 2021, Bitcoin is trading very close to the resistance of $ 50,000, and this situation also supports the price of UMA. Technical indicators remain bullish, suggesting that UMA will likely continue its positive trend; Still, if the price falls below the $ 10 support, it would be a firm “sell” signal.
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