UMA price surged 17% in the past 24 hours to trade at $5.64, and daily trading volume surged 52% to $245.7 million as of 4:30 a.m. ET.
The coin gained 43% in the past seven days, reaching its weekly high of $7 on January 23. The coin’s gains in the past 24 hours were a rebound after hitting its weekly high.
UMA recently launched a new product called Oval, which aims to optimize the use of oracle data through DeFi protocols, which may be one of the reasons for its recent price increase.
This new tool essentially changes the way the protocol manages oracle-based MEV, ensuring profits on the Ethereum blockchain are more efficient and fair.
Lending protocols lost hundreds of millions of dollars in MEV.
It's time to capture this value.
Oval is live now, using @chainlink data feeds and Flashbots.
pic.twitter.com/lPJRuBS8Gt
— UMA (@UMAprotocol)
January 23, 2024
In short, Oval aims to redistribute profits to DeFi protocols, which will be seen as a desirable outcome by the DeFi community. In this case, the project is likely to succeed in attracting support, helping to boost sentiment and price recovery.
UMA Price Prediction
After reaching its weekly high on January 23, UMA price dropped to the $4.5 support level before bouncing back to the $6 resistance level earlier today.
So far, this resistance level has been too strong to allow the coin to pass through, and this will most likely remain the case for quite some time.
Several indicators suggest that UMA is not ready to break through this resistance level, such as the relative strength index (RSI), which shows that UMA will soon enter the overbought area.
With the RSI at such high levels, it is very likely that at any moment another round of selling will begin, causing the coin’s price to drop.
However, the Bollinger Bands somewhat contradict this as they have recently experienced expansion. This is usually a bullish sign, indicating that rising prices may be on the horizon.
Due to the conflicting signals, the only conclusion is that UMA faces huge uncertainty in the current market and its price may vary depending on market trends.
That being said, the market has recently resumed trading upwards, which may encourage UMA to continue its own growth. If this is the case, the coin may break through the $6 resistance level, or at least stay close to it.
However, a major up move is unlikely at the moment and will most likely see the price retest the $5 support level before bouncing back.
A promising alternative to UMA
Meme Kombat (MK) is currently one of the best UMA alternatives. The project’s ongoing presale has already attracted over $7.4 million.
We have surpassed the $7.4 million mark in the $MK presale
There is only one step left to the end ⚔️
pic.twitter.com/QdKOPIjv5G
— Meme Kombat (@Meme_Kombat)
January 25, 2024
Meme Kombat has developed a platform that organizes meme fights and allows users to bet MK tokens on their outcomes. However, it also offers a staking mechanism for users who want to earn new MK tokens with less risk.
The platform was innovative and popular with gaming enthusiasts, a testament to which the token raised millions of dollars before it even went into circulation.
Additionally, the platform is popular for offering rewards to all users, regardless of whether they are more interested in active or passive participation.
Its token MK is being sold at $0.279 and users can exchange it for USDT or ETH tokens. Doing so while the pre-sale is still ongoing may be the best option as many in the crypto community expect the token’s price to soar after the launch due to huge demand.
The platform's website states that there are currently over 10,300 stakers and over 31.4 million MK tokens staked. This represents approximately 80% of MK tokens sold, with a current annualized yield of 125%, and the project has paid out 6.5 million MK in rewards to date.
Visit the Meme Kombat pre-sale page.
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