UMA Price Rally Stuns the Market! Yet, TG Casino's Presale Could Be the Next Big Shock

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UMA price is down around 10% in the last 24 hours after a 45% leap from a low of $1.247 on October 13 to an intra-day high of $1.807 on October 16. Based on CoinMarketCap data, the altcoin’s 24-hour trading volume is up almost 355%. The rally stunned the market, as the cryptocurrency outperformed most tokens.

The rally comes at a time when the UMA Optimistic Oracle is trending, with protocols such as Across running on it.

Across is the cheapest and fastest bridge because it uses UMA's Optimistic Oracle.

Come learn how optimistic design is the perfect fit for intent-based systems. https://t.co/l7MF1Dqpcm

— UMA 🥚 (@UMAprotocol) October 17, 2023

With multiple integrations, the UMA protocol verification team has doubled down on service delivery.

@UMAprotocol verification team is now so fast that it is dropping verifications before our bot can even finish setting up a new proposal review ticket. From proposal to fully verified is now happening in under a minute for some proposals. 😎

— Brittany Madruga 🥚 (@BrittanyMadruga) October 9, 2023

UMA Price Prognosis With Stiff Supply Barrier Hanging

UMA’s price faces resistance to the north, presented by the 200-day Exponential Moving Average (EMA) at $1.654. Above it is another stiff roadblock at $1.833, marked by multiple equal highs. Nevertheless, the Relative Strength Index (RSI) is still bullish, above the 50 midline. With this, the upside potential remains plausible for the altcoin.

Increased buying pressure could see UMA price shatter the barricade, potentially going as high as the $ 2,000 psychological level. In a highly bullish case, the gains could extrapolate for the UMA price to tag the $2.157 resistance level. Such a move would constitute a 45% climb above current levels.

With the histogram bars of the Awesome Oscillator still green and in the positive territory, the UMA price is still in the control of bulls.

The RSI is tipping south after a rejection from the 70 level. It does not mean UMA is ripe for selling or overbought. It could be interpreted as bulls taking a breather before scaling another attack. For as long as this momentum indicator remains above the 50 level, a recovery remains possible for the altcoin’s price.

If the RSI drops below the 50 level as it edges south, it could nullify the bullish outlook, with UMA price mirroring the downtrend. The move could see the altcoin lose support due to the 100- and 50-day EMA at $1.469 and $1.388.

In the dire case, UMA’s price could drop to lose the support at $1.247. A decisive daily candlestick close below this level would invalidate the bullish outlook. It could kickstart a new downtrend because it coincides with the last lower high.

According to data from IntoTheBlock’s “Global In/Out of the Money” (GIOM) model, a strong supply barrier will prevent UMA’s price from achieving its upside potential. Based on this on-chain metric, this major area extends from $1.75 to $2.63 and is filled by many investors who had previously purchased UMA around this price level. Here, roughly 1,800 addresses are holding nearly 72.21 million UMA tokens.

It is worth mentioning that the stiff resistance or the equal highs at $1.833 mentioned and indicated in the daily chart above for the UMA/USDT trading pair also fall within the $1.75 to $2.63 supply barrier indicated in the GIOM.

Meanwhile, traders are flocking to BTCMTX, a new crypto presale that offers investors a chance to get in on the Bitcoin (BTC) action. The urgency comes as the Spot BTC exchange-traded fund (ETF) narrative is boiling over, with speculation that approval could come soon from the US Securities and Exchange Commission (SEC).

UMA Alternative

BTCMTX is the powering token behind the Bitcoin Minetrix ecosystem, offering users a chance to join the BTC community. Specifically, it mines Bitcoin so you do not have to. To do this, token holders must stake their BTCMTX tokens for mining credits. These credits are then redeemed for mining hash power.

The project is in the second stage of the presale, with more than $1.655 million already in the bag as investors buy BTCMTX using Ethereum (ETH) and Tether (USDT).

Witness #BitcoinMinetrix achieving another remarkable milestone!

More than $1,600,000 raised!🪙 pic.twitter.com/yyrHTMRQz2

— Bitcoinminetrix (@bitcoinminetrix) October 17, 2023

The project offers a trustworthy cloud-mining platform for every user to mine BTC. It has decentralized and tokenized the entire process, eliminating possibilities for fraud and bad actors taking advantage of unsuspecting miners.

#BTCMTX offers a trustworthy cloud mining solution for all.

In the past, concerns about expensive hardware and cloud mining frauds discouraged numerous individuals from participating.

This decentralized strategy ensures a mining journey that is both transparent and secure.🔒🔓 pic.twitter.com/gQddNUPpnk

— Bitcoinminetrix (@bitcoinminetrix) October 17, 2023

The dashboard is an easy-to-maneuver interface with low entry bars and is cost-effective with zero hardware expenses. Further, you do not have to worry about challenges akin to traditional mining, including space, noise, and heat.

Exploring the mining process of $BTC with #BitcoinMinetrix! ⚒#Cloudmining unlocks a direct path to #Crypto:

✨ Easy entry for beginners
💵 Cost-effective with zero hardware expenses
🌆 No worries about space, noise, or overheating
🚀 Simple upgrades pic.twitter.com/unhHqpWHw2

— Bitcoinminetrix (@bitcoinminetrix) October 16, 2023