Hyperliquid Launches Offchain Prediction Markets to Compete with Polymarket
- Market Expansion: Hyperliquid has launched prediction markets for offchain events, marking its transition from traditional perpetual futures to a new domain aimed at competing with Polymarket and capturing a share of the rapidly growing prediction market.
- Surging Trading Volume: The prediction market sector generated over $4 billion in trading volume last year, with April's volume reaching $29.8 billion, a 12% increase from March, highlighting the sector's rapid growth potential.
- Decentralized Governance: Hyperliquid's prediction markets will rely on its existing validator network to process outcomes, avoiding dependence on third-party sources or oracles, thereby reducing manipulation risks and enhancing market transparency and credibility.
- Initial Market Performance: The first prediction market focused on the May CPI year-over-year data, attracting $11,000 in volume immediately after launch, indicating a strong acceptance of this new product and potential for future business growth.
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Technical Analysis for UMA
Technical Sentiment Analysis for UMA (UMA). As of , UMA (UMA) is exhibiting a Strong sell technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 1 indicators are flashing buy, while 5 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for UMA stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, UMA is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
UMA (UMA) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.368 | 0.396 | 0.427 | 0.455 | 0.486 | 0.514 | 0.545 |
| Fibonacci | 0.396 | 0.419 | 0.433 | 0.455 | 0.478 | 0.492 | 0.514 |
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