Here's Why Maple Finance is Surging | Credit: Hameem Sarwar
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Key Takeaways
Maple Finance (SYRUP) reached a new all-time high price today.
SYRUP fell below the $0.62 area after reaching its high.
Was the SYRUP high just a deviation, or can the price sustain it?
Maple Finance (SYRUP) reached a new all-time high today despite an ongoing crypto market crash.
There are rumors that Upbit has listed SYRUP, but the news has not been confirmed yet.
With that in mind, let’s examine the charts and determine what lies ahead.
SYRUP All-Time High Price
The SYRUP price fell under a resistance trend line after its original high of $0.658 on June 25.
The bearish trend led to a low of $0.40 on July 21, but the price bounced, validating the $0.41 horizontal area as support (green icon).
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Despite this bearish omen, momentum indicators are positive. The Relative Strength Index (RSI) crossed 50 while the Moving Average Convergence/Divergence (MACD) made a bullish cross (black circle).
So, indicators point to a strong, bullish trend despite the seemingly bearish price action.
Let’s look at the wave count to see if it can break the deadlock.
What’s Next for SYRUP?
The wave count shows a completed five-wave upward movement where wave five created an ending diagonal, adding more credibility that this is the correct count.
While the SYRUP price fell afterward, the decline is too short in duration to be the correction for the entire movement, though it fits in magnitude.
So, the main possibility is that SYRUP is completing wave B in an A-B-C flat, which will take the price back to $0.37, confirming that the rally is just a deviation.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
