UMA Protocol worth jumps 13% as merchants look ahead to buying and selling on Coinbase Professional.
The latest crypto crash noticed the worth of decentralized protocol UMA token dip from all-time highs of $27.63 on September 1 to lows of $9.79 on September 5.
Nonetheless, after Coinbase introduced the itemizing of UMA on its skilled buying and selling platform, the worth started to choose an uptrend.
The previous 24 hours have seen the token’s worth towards the US greenback surge to hit an intraday excessive of $16.92. Bulls now purpose for a detailed above $16.00 to substantiate a bullish reversal that would see extra upside above $20.00 inside the subsequent few days.
UMA will start buying and selling on Coinbase Professional on Tuesday, September 8, with the coin prone to see additional upside just like these registered by not too long ago added Compound (COMP), Celo (CGLD), Band Protocol (BAND), and OmiseGo (OMG).
UMA Protocol, a rival of oracles platforms ChainLink and Band Protocol, not too long ago upped its yield farming bait with the launch of a “Yield Greenback.” To realize the tokenization, the platform has partnered with liquidity protocol Ren to permit customers to lock renBTC into UMA and mint the uUSD yield greenback.
In keeping with an announcement printed on September 7, traders can stake the minted uUSD by way of a Balancer pool and earn yield rewards from three tokens: BAL, REN, and UMA.
Brief time period technical outlook
UMA Protocol’s worth is just below stress on the hourly chart, with UMA/USDT dipping marginally to lows of $16.28 as of 08:00 UTC (September 8).
However bulls have nonetheless managed to push the token increased, practically 13% on the day-to-day foundation and by greater than 5% within the final hour.
To cement the restoration, the DeFi token must clear resistance at $17.00 and the 1.271 retracement stage marked on the downswing from highs of $19.56 to lows of $9.79.
UMA Protocol worth chart 1-hour timeframe: Supply: TradingView
The Relative Power Index indicator on the hourly chart is barely downturned round 62, suggesting bulls maintain the benefit. However that is prone to be essential provided that they’ll hold the worth above $16.00 and the 76.8% retracement stage ($16.07) – it’s a stage that broke earlier than final week’s deep retracement.
If bulls fail to carry onto beneficial properties right here, a dip is prone to push the token to assist ranges on the 20-day and 50-day easy transferring averages at $15.20 and $15.07 respectively.
UMA is, at time of writing, buying and selling round $16.83 towards the US greenback.