UMA Price Prediction: UMA Pumps 17% As This Under-The-Rader Presale Closes On $7.5 Million

The UMA price surged by 17% in the last 24 hours to trade at $5.64 as of 4:30 a.m. EST on daily trading volume that soared 52% to $245.7 million.

The token is up by 43% in the past seven days after hitting a weekly high of $7 on Jan. 23. The token’s surge in the last 24 hours comes as a recovery from a dip seen after hitting the weekly high.

UMA recently introduced a novel product called Oval, designed to optimize the use of Oracle data by DeFi protocols, which might be one of the reasons behind its recent price surge.

The new tool essentially changes how protocols manage oracle-based MEV, which can ensure greater efficiency and fairness in the Ethereum blockchain’s profits

Lending protocols lose hundreds of millions of dollars to MEV.

It’s time to capture that value.

Built with @chainlink Data Feeds and Flashbots, Oval is now live. 🥚 🧵 pic.twitter.com/lPJRuBS8Gt

— UMA 🥚 (@UMAprotocol) January 23, 2024

Simply put, Oval aims to redistribute profits back to DeFi protocols, which would be seen as a desirable outcome by the DeFi community. With that being the case, the project has likely managed to attract support, helping boost sentiment and its price recovery.

UMA Price Prognosis

Following its weekly high reached on January 23, UMA price has dropped toward a support at $4.5, only to recover back to a resistance at $6 earlier today.

So far, the resistance has been too strong to allow the token to pass through, which will likely remain the case for some time longer.

Several indicators suggest that UMA is not yet ready to surge past this resistance, such as its Relative Strength Index (RSI), which shows that UMA is quite near entering the overbought territory.

With RSI at such a high level, it is likely that another round of sell-offs might start at any moment, causing the token’s price to drop down.

However, Bollinger bands somewhat contradict this, as they recently experienced widening. This is typically a bullish signal, and it suggests a potential price increase.

With conflicting signals, the only conclusion is that UMA is facing great uncertainty in the current market, and that its price could go either way, depending on market trends.

With that said, the market has recently started trading in the green again, which could encourage UMA to continue its own growth. If that ends up being the case, the token could breach the resistance at $6, or at least stick close to it.

However, it is unlikely that it could go much higher at this time, and will likely see the price retest the support at $5 before bouncing back up.

Promising Alternatives to UMA

Meme Kombat (MK) is currently one of the best alternatives to UMA that you can consider. The project is in the middle of a presale that has attracted over $7.47 million.

We have surpassed the $7.4 million mark in the $MK presale🥊

One step closer to finishing this up⚔️ pic.twitter.com/QdKOPIjv5G

— Meme Kombat (@Meme_Kombat) January 25, 2024

Meme Kombat has developed a platform where it organizes meme battles and allows users to bet their MK tokens on the outcome of them. However, it also offers staking, for those who wish for a less risky way of earning new MK tokens.

The platform is innovative and popular among gaming enthusiasts, evidenced by the fact that the token has managed to raise millions before even entering circulation.

Furthermore, the platform was made popular by the fact that it offers rewards to all users, regardless if they are more interested in active or passive participation.

Its token, MK, is selling for $0.279, and users can obtain it in exchange for USDT or ETH coins. Doing so now, while the presale is still ongoing, is likely the best course of action, as many in the crypto community expect the token’s price to skyrocket after launch due to massive demand.

The platform’s website states that there are over 10,300 stakers and more than 31.4 million MK staked at this time. This represents around 80% of the sold MK tokens, and with an APY of 125% at this time, the project has paid 6.5 million MK in rewards so far.

Visit the Meme Kombat presale here.

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