UMA (UMA) Price Prediction 2024-2030: Will UMA Price Reach $15 Soon?

• Bullish UMA (UMA) price prediction ranges from $8 to $20.
• Analysis suggests that the UMA price might reach above $15.
• The UMA bearish market price prediction for 2024 is $1.8.

What is UMA (UMA)?

UMA is an optimistic oracle (OO) that has the ability to record any verifiable truth onto a blockchain. UMA’s Optimistic Oracle allows contracts to quickly request and receive any kind of data. Additionally, UMA’s Oracle system comprises two core components which are Optimistic Oracle and Data Verification Mechanism (DVM). 

The OO has been called “a human-powered truth machine” because it is flexible enough to handle ambiguity and expands the design space possible in web3. UMA’s OO secures a diverse ecosystem of web3 applications, including cross-chain bridges, insurance protocols, prediction markets, and customizable DAO tooling products.

UMA (UMA) Market Overview

UMA (UMA) Current Market Status

UMA has a circulating supply of 76,396,962 UMA coins, while its maximum supply is unknown, according to CoinMarketCap. At the time of writing, UMA is trading at $5.88 representing 24 hours decrease of  13.05%. The trading volume of UMA in the past 24 hours is $404,291,759 which represents a 9.75% increas

Some top cryptocurrency exchanges for trading UMA are  Binance, OKX, Deepcoin, Bitrue, and Bybit. 

Now that you know UMA and its current market status, we shall discuss the price analysis of  UMA for 2024.

UMA Price Analysis 2024

Will the UMA blockchain’s most recent improvements, additions, and modifications help its price rise? Moreover, will the changes in the payment and crypto industry affect UMA sentiment over time? Read more to find out about UMA’s 2024 price analysis.

UMA Price Analysis – Moving Average Convergence and Divergence

The Moving Average Convergence and Divergence indicators use two exponential moving averages (ema)  to find how the cryptocurrency is doing. Usually, the longer EMA is the 26-Day EMA and the shorter is the 12-Day EMA. The MACD is found by reducing the 12-day EMA from the 26-day EMA. If the MACD is positive that means the crypto is performing but if it’s negative, then it is losing value.

The above chart shows two scenarios of the MACD in the negative and positive regions. The first crossover from the left shows that the 12-day EMA dipped below the 26-day EMA, hence the MACD went into the negative zone. The very next crossover shows how the 12-day EMA rose above the 26-day EMA, as such, the MACD was in the positive region. Currently, the MACD reads a value of 0.9 and it is heading upward in the positive direction. Moreover, the MACD line is above the signal line, hence UMA is performing much better than the average.

The MACD heatmap also shows that it is currently on an uptrend as the background is green highlighted. The price of UMA is above the 12-day EMA and it seems to keep going up.  The MACD line may keep on going up until it reaches 1.17 as shown in the chart. The above-mentioned statement is based on the assumption that UMA reciprocates its past behavior. 

UMA Price Analysis – Bollinger Bands

The Bollinger bands are a type of price envelope developed by John Bollinger. It gives a range with an upper and lower limit for the price to fluctuate. The Bollinger bands work on the principle of standard deviation and period (time). 

The upper band as shown in the chart is calculated by adding two times the standard deviation to the Simple Moving Average while the lower band is calculated by subtracting two times the standard deviation from the Simple Moving Average.

When Bollinger bands are used in a cryptocurrency chart, we could expect the price of the cryptocurrency to reside within the upper and lower bounds of the Bollinger bands 95% of the time. The above thesis is derived from an Empirical law. 

The sections highlighted by red rectangles in the chart above show how the bands expand and contract. When the bands widen, we could expect more volatility, and when the bands contract, it denotes less volatility. 

The chart above shows that UMA is overbought as it has been touching the upper Bollinger band during the past week. There is a high chance that the market could correct the prices and UMA could go through retracement. The Bollinger band width percentile has been used with the Bollinger band. Based on the reading of the width of the Bollinger bands, the indicator dictates whether the value is overbought or oversold. Currently, the Bollinger band width percentile reads a value of 0.9. 

The Bollinger band width percentile reached this value after retracing from the upper Bollinger band. Since the line is heading downwards there is a high chance that the width of the bands could reduce. This reduction in bandwidth could mean that the UMA could go through consolidation. 

UMA Price Analysis – Correlation Coefficient (Pearson)

The correlation coefficient seeks to measure the strength of the linear relationship between two variables. Its values could range from -1 to +1. A coefficient that gives +1 shows that there is a direct relationship between the two variables. It shows that when one variable increases, the other responds with an increase. When the coefficient is -1, it means that the variables are in an inverse relationship, which means that one decreases when the other increases. In instances where the coefficient is zero, it means that there is no relationship between the two variables.

The above chart shows that the correlation coefficient is 0.77, denoting that there is a strong relationship between the two variables, which time and price of UMA. Since there is a strong relationship between the price and time, we could expect this relationship to continue and UMA might gain more value. 

UMA Price Prediction 2024-2030 Overview

UMA Price Prediction 2024

The above chart shows the UMA has been moving sideways since May 2022. Throughout these 1.5 years, UMA was trading inside a tight range of $3-$5. UMA has broken above the range it was restricted to and it is trading at $5.9, at press time. The predictor indicator used in the chart shows that UMA has the potential to reach $15. However, since UMA is overbought at press time, there is a high chance that there could be a retracement to $4.7 before the price starts to rise. 

The above chart shows that UMA is gaining value after breaking out from the falling wedge. It has risen by more than the height of the wedge. The Standard deviation mean has fallen back into the normal range after crossing above the threshold. The Std Deviation currently reads a value of 2.29.

UMA Price Prediction – Resistance and Support Levels

The above chart shows how UMA descended from Resistance 3 during its early stages. UMA fell below Resistance 1 after which it gained momentum and rose above Resistance 2 November 2021. Since 2022, UMA fell to Support 1 and thereafter it has been continuously held by Support 1. Hence, Support 1 is a stronghold for traders. Resistance 2 is the strongest out of all the resistance levels. 

UMA Price Prediction 2025

UMA may still experience the after-effects of the Bitcoin halving and is expected to trade above its 2024 price. Many trade analysts speculate that BTC halving could create a huge impact on the crypto market. Moreover, similar to many altcoins, UMA will continue to rise in 2025 forming new resistance levels. It is expected that UMA would trade beyond the $27 level.

UMA Price Prediction 2026

It is expected that after a long period of bull run, the bears would come into power and start negatively impacting the cryptocurrencies. During this bearish sentiment, UMA could tumble into its support regions. During this period of price correction, UMA could lose momentum and be a little below its 2025 price. As such it could be trading at $35 by 2026. 

UMA Price Prediction 2027

Naturally, traders expect a bullish market sentiment after the crypto industry was affected negatively by the bears’ claw. Moreover, the build-up to the next Bitcoin halving in 2028 could evoke excitement in traders. As such we could expect UMA to trade at around $38 by the end of 2027. 

UMA Price Prediction 2028

As the crypto community’s hope will be re-ignited looking forward to Bitcoin halving like many altcoins, UMA will continue to form new higher highs and is expected to move in an upward trajectory. Hence, UMA would be trading at $43 after experiencing a massive surge by the end of 2028. 

UMA Price Prediction 2029

2029 is expected to be another bull run due to the aftermath of the BTC halving. However, traders speculate that the crypto market would gradually become stable by this year. In tandem with the stable market sentiment and the slight price surge expected after the aftermath, UMA could be trading at $57 by the end of 2029.

UMA Price Prediction 2030

After witnessing a bullish run in the market, UMA and many altcoins would show signs of consolidation and might trade sideways and move downwards for some time while experiencing minor spikes. Therefore, by the end of 2030, UMA could be trading at $54

UMA Price Prediction 2040

The long-term forecast for UMA indicates that this altcoin could reach a new all-time high(ATH). This would be one of the key moments as HODLERS may expect to sell some of their tokens at the ATH point. 

If they start selling then UMA could fall in value. It is expected that the average price of ICP could reach $59 by 2040.

UMA Price Prediction 2050

The community believes that there will be widespread adoption of cryptocurrencies, which could maintain gradual bullish gains. By the end of 2050, if the bullish momentum is maintained, UMA could hit $65 

Conclusion

If investors continue to show interest in UMA and add these tokens to their portfolio, then, it could continue to rise up. UMA’s bullish price prediction shows that it could reach the $15 level. 

FAQ

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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