Universal Market Access (UMA) is a prominent player in the blockchain space, particularly known for its emphasis on oracle solutions. Positioned as a decentralised truth network, UMA is dedicated to recording and validating data on the blockchain. The introduction of a new product called Oval, aimed at enhancing the utilisation of Oracle data by decentralised finance (DeFi) protocols, could be a contributing factor to its recent surge in price. Despite reaching a weekly high on January 23rd, the price of UMA has since experienced a decline towards a support level.
At the time of writing, UMA was trading at $4.33.
UMA was trading in a range from $1.75 to $2.5 with low volumes. The asset gave a breakout above the range with good volumes and witnessed a massive rally. The prices surged almost by 183% and made a high of $7.08. UMA has a strong resistance zone from $6.85 to $7.5 and the prices have corrected exactly from these levels and dropped to $4.250. The asset is trying to take support at the horizontal trend line ($4.250), If it holds and sustains above this level then we can expect the bulls to resume the up move. To witness another rally, UMA needs to break, close and sustain above $7.50.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $3.25 | $4.25 | UMA | $5.85 | $7.5 |
