Summary:
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Ultra price (UOS/USDT) rallied more than 15% in the last 24 hours.
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The blockchain-based PC gaming distributor also saw trading volume spike by 41%.
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Ultra is enjoying correlation tailwinds amid a 350% spike in GALA Games.
Ultra (UOS/USD) price is up more than 76% over the last seven days after advancing by 15% in the last 24 hours. The blockchain-based PC game distribution platform has benefitted from correlation tailwinds related to the 350% surge in Gala Games (GALA/USDT) price this month.
In the Ultra blockchain gaming ecosystem, gamers can resell their used games and collectables on the NFTs marketplace on top of buying and playing games. As a result, players earn money through their participation in Ultra and are rewarded in UOS.
Is UOS a buy now?
From an investment perspective, Ultra offers exciting growth prospects in the blockchain gaming and NFT space. The platform offers players multiple options to make money, thereby increasing its addressable market.
The UOS/USDT price has spiked more than 200% in the last 30 days amid rising interest in NFTs and blockchain-based gaming. It now has a market cap of $562 million and a fully diluted capitalisation of nearly $2 billion.
Source – TradingView
Technically, UOS seems to have recently spiked to trade above an ascending channel formation in the intraday chart. As a result, it has crept into overbought conditions, creating an opportunity for a technical pullback.
However, long-term investors could still target extended gains at about $2.24, or higher at $2.51, amid increasing trading volume, while $1.78 and $1.52 are support levels.
In summary, although the UOS/USDT has rallied into overbought conditions, the bull-run seems poised to continue.