The UMA Protocol continued to lose portions of its market capitalization on Friday as its native token of the same name plunged further.
THE UMA/USDT exchange rate was trading at $12.81 as of 12:14 UTC, down about 8.5 percent into the European session. Lackluster volumes and low volatility appeared as the primary catalyst for the pair’s dismissive intraday performance.
The latest sell-off in the UMA market followed its attempts to rebound higher in the last two daily sessions. UMA/USDT jumped by around 6.5 percent after locating interim support at $12.39. But bulls showed no interest in staying beyond the $13-resistance target.
That is partially due to the double-dose brought by two Fibonacci Retracement graphs complementing each other near the $13-level. The 61.8% level of the Fib Graph–drawn by $10.09-low to $19.22-high-coincided with the 23.6% level of another Fib Graph, from the swings high sitting at $37.41 to the low near $10.09.
UMAUSDT price targets for the coming session. Source: TradingView.com
Tha left UMA bulls in battle with a tight