UMA Protocol price jumps 13% as merchants look ahead to trading on Coinbase Pro.
The current crypto crash noticed the price of decentralized protocol UMA token dip from all-time highs of $27.63 on September 1 to lows of $9.79 on September 5.
However, after Coinbase introduced the itemizing of UMA on its skilled trading platform, the price started to select an uptrend.
The previous 24 hours have seen the token’s worth towards the US greenback surge to hit an intraday high of $16.92. Bulls now aim for a detailed above $16.00 to substantiate a bullish reversal that might see extra upside above $20.00 inside the subsequent few days.
UMA will start trading on Coinbase Pro on Tuesday, September 8, with the coin more likely to see additional upside much 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 Dollar.” To obtain the tokenization, the platform has partnered with liquidity protocol Ren to permit customers to lock renBTC into UMA and mint the uUSD yield greenback.
According to an announcement revealed 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.
Short time period technical outlook
UMA Protocol’s price 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).
But bulls have nonetheless managed to push the token larger, almost 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.
The Relative Strength Index indicator on the hourly chart is barely downturned round 62, suggesting bulls maintain the benefit. But that is more likely to be essential provided that they will preserve the price 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 more likely to push the token to assist ranges at the 20-day and 50-day easy transferring averages at $15.20 and $15.07 respectively.
UMA is, at time of writing, trading round $16.83 towards the US greenback.