With the advancement of digital technologies and connecting people around the world through the internet, video games have become one of the largest industries. Decentralization and blockchain technology has the power to transform the game ecosystem, and Ultra, which produces solutions in this field, is a project that has gained momentum in recent months.
Ultra, the blockchain-based game distribution platform, contains many practical solutions for both players and developers. The protocol, which enables users to sell games and in-game items, allows for the creation of multiple revenue streams.
NFT popularity boosts UOS price
Non-fungible tokens (NFT) are currently leading the fastest growing trends in the cryptocurrency industry. UOS has also gotten its share from this growth.
Ultra’s native token, UOS, rose 225 percent last month, according to data from Cointelegraph Markets and TradingView. The UOS price, which was $ 0.132 on Feb.1, hit an all-time high of $ 0.43 on Feb.22.
Daily chart of the UOS / USDT pair. Source: TradingView
As can be seen in the chart above, after the February 22 high, profit taking increased and the price retracted to $ 0.22. Immediately after, the token listed on the Bithumb stock exchange saw its peak once again with rising transaction volumes.
In addition to the rising moving averages (MA) and the relative strength index (RSI) rising to the overbought level, the rise above the 20-day exponential moving average (EMA) level after the recent correction also points to the continuation of the upward movement.
If the bulls’ buying continues, the initial target will be $ 0.51. The next close above this level could be the first signal to move up to $ 0.69246 pointed by the 1.618 Fibonacci expansion tool.
The doji pattern on the candlestick formed as of March 9 signals a reversal in the current trend. If the bears are dominant and the price drops below $ 0.4, the critical level to watch will be $ 0.31, from which the 20-day exponential moving average (EMA) is calculated. Horizontal movement can be observed when falling below this level.
Partnerships and new technologies can act as catalysts
In addition to the data in technical analysis, the team at the head of the Ultra protocol is pondering the issue of interoperability with blockchain platforms. They are in beta testing phase of working on Ethereum and supporting different blockchain networks.
UOS can currently work with the EOSIO blockchain. Still, Ultra developers are working hard on integrating NFT with many other blockchains including The Sandbox and Elrond. The project also partnered with Theta, which enables live streaming and cross-chain NFT transfers.
On the other hand, in addition to its partnership with game giant Ubisoft, agreements with world giants such as AMD and Atari helped the UOS price to rise to higher levels in 2021. Considering that the game industry will continue to grow, it can be said that the future of UOS token is bright. Time will tell the truth.
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