UMA Price Prediction: UMA Surges 17% As Analysts Say This New GameFi Challenger Might Be Next To Explode

The UMA price soared 17% during the Sunday trading session and remains 7% up over the last day to trade for $5.75 as of 2:30 a.m. EST time.

The surge catapulted UMA into the weekly top gainers’ list.

🔥 How did the #crypto market perform last week? Which cryptocurrencies captured investors’ hearts and became shining stars? The thrilling Weekly TOP Gainers on https://t.co/x3toxzqASH is now revealed! #XT

📅 Jan 15 – Jan 21, 2024

🚀 #UMA/USDT +231%
🚀 #OM/USDT +90%
🚀… pic.twitter.com/chqA1GB3Lg

— XT.com Exchange (@XTexchange) January 22, 2024

Meanwhile, there is chatter about the UMA token listing on Hotscoin. The hype around this milestone is keeping the UMA price above the $5.000 psychological level.

🚀 @UMAprotocol $UMA(uma) will soon be listed on #HotsCoin

🔥 Pair: UMA/USDT
💼 Network: ERC20

⏰ Trading: January 22, 2024, at 17:00 (UTC+8)
✍️ Details: https://t.co/HIkUlEkQGO#UMA #UMAprotocol #BTC #eth #eths #Crypto #Web3 #CryptoListing pic.twitter.com/f55nv4J7tC

— HotsCoin (@HotsCoin_ES) January 22, 2024

UMA is a decentralized optimistic oracle. Oracles can validate any claim made on the blockchain. It provides real-world data, enabling smart contracts and markets that rely on this data to be settled.

UMA Price Outlook As UMA Tries To Reclaim The Range High At $6.733

The UMA price recorded a new high on January 19, after a 168% surge to the $6,733 local top. In the wake of profit booking, the token’s market value declined. Now traders are trying to reclaim the range high, with the $7.000 psychological level now in sight.

However, based on the Relative Strength Index (RSI), UMA is already overbought at 73. The momentum indicator is likely to confirm the token is ripe for selling. This will happen once it crosses below the 70 level.

Nevertheless, the correction could as well be the bulls looking to refresh their buying power before a strong move north. This is because the histogram bars of the Moving Average Convergence Divergence (MACD) indicator show the bulls maintain a dominant presence in the UMA market. They are flashing green, with the MACD itself still moving above the signal line (orange band) after crossing above it on January 19.

Increased buying pressure could see the UMA price reclaim the $6.733 range high, with the potential to clear it and tag the $7.000 psychological level. Such a move would denote a 33% climb above current levels.

TradingView: UMA/USDT 1-day chart

Converse Case

On the other hand, if profit-taking continues, the UMA price could extend the fall, going as low as losing the support due to the $5.000 psychological level. An extended fall could send the altcoin past the $4.000 psychological level, with the dire case invalidating the bullish outlook below the $2.936 support level.

Even as the UMA price coils up for its next move, eyes are turning to MK as analysts say this new GameFi challenger might be next to explode. It comes as the token blasted past the $7.3 million mark in presale collections.