SYRUP token faces rejection at $0.58 – Analyzing what’s next…
A bullish breakout can still occur in SYRUP's favor , especially if Bitcoin can resume its bullish reaction from $115k.
Key Takeaways
Maple Finance had a remarkably good quarterly performance as a protocol. Combined with news of the Upbit listing, its token SYRUP surged higher, and the rally could see new all-time highs set soon.
Maple Finance [SYRUP] token prices nearly set a new all-time high after briefly climbing above $0.6. This bullish surge came after the popular South Korean crypto exchange Upbit announced the listing of SYRUP.
Maple Finance also released its Q2 market report. Its quarterly revenue was up 154%, and its annual recurring revenue (ARR) was up 200% from Q1.
They emphasized that the protocol’s performance directly affects the governance token SYRUP, with 20% of revenue allocated to funding token buybacks.
This boosted market sentiment enormously, and could see the token rally further. However, technical analysis gave some warning signs.
Could this rally be a sell-the-news type move?
The SYRUP rally began on Monday, the 21st of July. The token climbed from the local support at $0.4, a level that has been respected since June. It rose to $0.65, a local high from last month, and saw a rejection in recent hours.
While the daily trading volume has been boosted higher, the rejection from the local high measured 19.7%.
The Q2 report and the exchange listing news should have been enough to challenge $0.65 more convincingly, or even flip the resistance to support.
In the next few days, this bullish outcome could still occur, especially if Bitcoin [BTC] can continue its bullish reaction off the $115K round number support.
However, as things stand, the drop below $0.625 appeared to be an early sign that Maple Finance token would need time for consolidation.
The price action in recent hours saw SYRUP rejected from the $0.58 level, which had been a resistance level in the first week of July. This was a sign that SYRUP has a bearish short-term bias.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
