UMA Price has recently reclaimed its High Time Frame (HTF) range, leading to subsequent re-tests. A noteworthy aspect is the -2.00% funding available on Bybit, which proves to be advantageous for long positions, offering substantial gains for investors.
UMA, the cryptocurrency of the Universal Access Protocol, experienced a robust rally, surging to $4.5. In the last two days alone, UMA’s price skyrocketed by an impressive 128%, accompanied by a significant increase in trading volumes.
Unusual UMA Developments Unfold
In an unexpected twist, $UMA has successfully reclaimed its High Time Frame (HTF) range on the daily chart, currently undergoing re-tests. The situation takes an intriguing turn with the -2.00% funding on Bybit, resulting in staggering daily gains of 6% for long positions, equivalent to over 2,000% annually. Traders are reporting substantial profits, with one individual claiming an overnight profit exceeding $5,000 solely from funding fees after a relatively small position.
If funding remains consistent, there’s anticipation of potential earnings from funding fees alone to make the trade risk-free in just two more days, according to reports from CrediBuLL Crypto. However, caution is advised, as this scenario is atypical, and effective risk management is strongly recommended.
In another notable development, an address dormant for a year suddenly deposited 187,000 UMA to Coinbase, valuing it at 1 million US dollars. This address, which had transferred 370,000 UMA from the exchange in February 2023 at an average price of $2.08, resulted in a floating profit of 1.13 million US dollars. The recent activity involves transferring half of the tokens to Coinbase and the other half to a new address (0xCdE…02d7F).
$UMA, recognized as an optimistic oracle project, experienced a remarkable 40% increase in the last 24 hours, adding further intrigue to the unfolding events in the crypto space. Stay tuned for more updates as the situation develops.
UMA’s Rising Status and Price Surge
UMA has secured the 9th position in the global Oracle network ranking by DeFi Llama, placing it among industry leaders such as Chainlink, Chronicle, WINKLink, Pyth, and Binance Oracle.
The surge in UMA’s price is credited to substantial network growth. Data from Dune Analytics reveals a significant increase in Total Value Secured (TVS) for both UMA and oSnaps, hitting an all-time high of over $774 million.
Excitement is building as the highly anticipated Oval launch of the Universal Market Access protocol approaches next week. This anticipation has contributed significantly to the cryptocurrency’s value increase. Developers, expressing confidence in a recent tweet, foresee the forthcoming service playing a crucial role in addressing risks within the decentralized finance (DeFi) sector, particularly targeting the challenge of maximal extractable value (MEV).
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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