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Price Analysis: UMA, HEDG, & GRT - Where Are These Coins Heading After Strong Monthly Performances?

3y ago
bullish:

22

bearish:

4

Bitcoin has finally broken toward the upside of its technical pattern today, allowing it to rise to the $37,381 level. The cryptocurrency is now up by a total of 20% over the past week of trading.

With Bitcoin back on the bullish footing, we can expect a surge in price action across the entire altcoin market also.

Today, I would like to cover three tokens that have been looking very promising over the past few weeks, including; UMA, The Graph (GRT), and HedgeTrade (HEDG):

In this analysis, I would like to cover these three coins to help provide some support and resistance you might expect to move forward.

UMA (UMA) Price Analysis

What has been going on?

UMA saw an incredible 155% price explosion over the past 24 hours as it skyrocketed to the current $40 level. The cryptocurrency is now up by a total of almost 300% over the past week as the token rose from the 50th ranked position to reach the current 22nd ranked position as it now holds a $2.26 billion market cap value.

For the majority of December 2020 and January 2021, UMA was trapped beneath resistance at $12. It attempted to break this resistance on multiple occasions during these two months but failed on each attempt.

This all changed at the start of February when UMA managed to break $12 and reach above $16. Yesterday, UMA continued higher to end the day at around the $28 level. Today, the 155% price surge allowed UMA to travel as high as $44.

It has since dropped slightly beneath $40 as it sits at $39.59.

UMA price short term prediction: Bullish

UMA is strongly bullish in the short term. It would need to drop beneath $22.82 (.618 Fib) to turn neutral and push further beneath the support at $12 before being in danger of turning bearish.

If the sellers start to push lower, the first level of support lies at $35.87 (.236 Fib). This is followed by support at $32, $30.89 (.382 Fib), $28, and $26.85 (.5 Fib).

If the bears continue beneath $24, added support lies at $22.82 (.618 Fib) and $20.

Where is the resistance toward the upside?

On the other side, the first resistance lies at $42.89 (1.272 Fib Extension). This is followed by $44, $46.09 (1.414 Fib Extension), $48, and $50.

Beyond $50, additional resistance lies at $52, $52.58 (1.414 Fib Extension - orange), $55, $56.71 (1.414 Fib Extension), and $60.

The Graph (GRT) Price Analysis

What has been going on?

The Graph is up by a strong 48.85% over the past week and up by a further 158% over the past month as it currently trades at around $0.8. It is now ranked in the 46th position as it holds a $997 million market cap valuation.

The cryptocurrency has barely been on the market for very long and has already managed to hit the top 50.

It had started to surge higher toward the end of January after bouncing above $0.5 and reaching the $0.843 resistance at the start of February, provided by a 1.414 Fib Extension.

From there, it dropped lower into the support at $0.719 (.382 Fib Retracement) before rebounding and reattempting to break the $0.843 resistance. It seems to have failed the second attempt at this resistance and has dropped to $0.8 today.

GRT price short term prediction: Bullish

GRT still remains bullish right now but would need to break $0.8443 for this to continue. On the other side, a break beneath $0.618 (.618 Fib) is likely to turn the market neutral, and a further break beneath $0.5 will turn it bearish.

If the sellers push lower, the first support lies at $0.75. Following this, support lies at $0.719 (.382 Fib), $0.669 (.5 Fib), and $0.618 (.618 Fib). Beneath $0.6, additional support can be found at $0.547 (.786 Fib), and $0.5 (.886 Fib).

Where is the resistance toward the upside?

On the other side, the first resistance lies at $0.843 (1.414 Fib Extension). This is followed by resistance at $0.9, $0.931 (1.618 Fib Extension), $1.00 (1.272 Fib Extension - purple), $1.06 (1.414 Fib Extension - purple), and $1.15 (1.618 Fib Extension - purple).

HedgeTrade (HEDG) Price Analysis

What has been going on?

HEDG is up by a total of 223% over the past month of trading as it currently trades at $1.38. It currently holds a market cap of around $494.55, which puts it in the 69th ranked position. The coin had been falling from June 2020 and continued to drop until support was found at $0.3 at the start of 2021.

From there, it started to shoot higher as it pushed past $1.20 to reach as high as $2.40. It could not close a daily candle above $2.00 and ended up heading lower from there. It dropped into support at $1.14 (.5 Fib Retracement) and bounced slightly to hit $1.38 today.

HEDG price short term prediction: Bullish

HEDG is bullish right now but will need to break $2 for the bull run to continue. A drop beneath $1.14 would turn the market neutral, and a further drop beneath $0.8 would turn it bearish.

If the sellers push lower, the first support lies at $1.14 (.5 Fib & 200-day EMA). This is followed by $1.00 (100-day EMA), $0.942 (.618 Fib), $0.8, and $0.658 (.786 Fib).

Where is the resistance toward the upside?

On the other side, resistance first lies at $1.60. This is followed by $1.80, $2.00, $2.14, $2.26, and $2.40. Added resistance is found at $2.65, $2.80, and $3.00.

Previous technical analysis

At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here's 3 of our most recent technical analysis articles:

3y ago
bullish:

22

bearish:

4

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