Maple Finance (SYRUP) Surges 50% on Binance Listing — Here’s What’s Next

Key Takeaways

• Binance listed Maple Finance (SYRUP) with a seed tag on May 6.
• The SYRUP price attempts to break out from the $0.24 resistance.
• Can Maple Finance break out and reach a new all-time high price?

Earlier this week, Maple Finance announced it had crossed $1 billion in Assets under management (AUM). The Protocol’s revenue has also increased by 70% since last month, crossing $600,000.

Binance listed SYRUP on May 5 under two spot trading pairs , SYRUP/USDT and SYRUP/USDC. The SYRUP price rallied after the Binance listing, and the token is approaching its all-time high.

Let’s examine the charts and see if the upward movement can continue and where it will lead.

SYRUP Price Breaks Out

The daily time frame analysis shows that Maple Finance broke out from a resistance trend line on April 18.

It accelerated its rally after validating the trend line as support (green icon), reaching a high of $0.031, only slightly below the all-time high of $0.0342.

While Maple Finance could not immediately sustain its rally, the crypto is attempting another breakout above $0.24.

Technical indicators are bullish. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are increasing.

Neither has generated bearish divergence, and both are above their bullish thresholds.

Therefore, the SYRUP price will likely break out from the $0.24 resistance area. Let’s look at the wave count to see where the breakout will lead.

What’s Next for SYRUP?

The wave count gives a bullish Maple Finance price prediction, suggesting the token could reach a new all-time high.

The breakout from the ascending parallel channel confirms the rally is impulsive, and the count suggests SYRUP is in wave four of a five-wave increase.

A preliminary target for the wave five high is $0.367, a new all-time high. The 1.61 external Fibonacci retracement of wave four creates this target.

The RSI and MACD have not generated any weakness, supporting the bullish count.

Breakout Incoming

The Maple Finance price surged on its Binance listing on May 6, reaching the $0.24 resistance area.

The wave count suggests SYRUP will break out above this level and could reach a new all-time high.