The Universal Market Access token has remained under bullish influences. As a result, the token has seen an additional price increase of 7.44% today, making it the second most gainful coin at the time of writing. Will this momentum continue? Let’s find out below:
UMA Statistics:
Universal Market Access Price: $2.99
UMA Market Capitalization: $249M
Universal Market Access Circulating Supply: 83.90M
UMA Total Supply: 121.77M
UMA CoinMarketCap Rank: 191
Universal Market Access Price Seems Set to Push Limits
The UMA token saw a considerable price surge in the previous session. This move is the most significant bullish movement in a single session over the past few months. While such a move would have drawn bearish attention, the ongoing session stays on the same path, with the corresponding price candle standing close to the uppermost limit of the Bollinger Bands.
Similarly, the Stochastic Relative Strength Index (Stochastic RSI) lines are also still rising from the oversold zone of the indicator. As a result, indications suggest that the market is primed for more upside retracement.
UMA Faces Rejection at the $3.07 Threshold
Price activity in the Universal Market Access token’s 4-hour market suggests that the market may have encountered strong rejection. Price action has risen through the uppermost limit of the Bollinger Bands indicator. Additionally, recent price candles on the chart show a contraction downward after testing around the $3.07 mark.
Meanwhile, the Stochastic RSI lines have risen into the overbought region, with the leading lines of the indicator now dragging sideways at the 100 mark. Therefore, traders hoping to enter a bullish trade in this market should ensure they use crypto signals that accommodate a bit of downward retracement. This is because the market may retrace downward towards $2.950 before resuming its move toward the $3.50 mark.
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