SYRUP pulls back to $0.5, but opportunities lie ahead

币界网报道:Maple Finance [SYRUP] has been in a steady uptrend over the past six weeks. The decentralized finance token rallied 98% in June, from $0.331 to $0.658, before experiencing a pullback over the past week. On the 1-day chart, the token has a strong bullish bias. Based on the most recent up move, a set of Fibonacci retracement levels have been plotted. They show that $0.494 and $0.45 are critical support levels that must hold in order to sustain the uptrend. SYRUP also left a fair value gap (FVG) during the rapid up move. These areas, marked in white, represent imbalance areas that the price tends to revisit later. In this case, it is likely to act as a demand zone. The confluence with the 50% and 61.8% retracement levels helps to prove that the current retracement could end at $0.5. Technical indicators are also in favor of the bulls. OBV has not broken its uptrend, suggesting that buyers are in the driver's seat. The RSI remains above the neutral 50 level, reflecting that bullish momentum remains. Maple Finance Token Traders Need Some Patience The 4-hour chart reflects the recent bearish market structure and downside momentum. The breakout of the low at $0.556 represents a bearish structural breakout, which has led to a drop in price. Traders looking to buy SYRUP need to wait for the price to form a higher low. Possible recovery scenarios are marked in green. A higher low would indicate that the bearish pressure is waning and a higher high thereafter would represent a bullish structural breakout. This development could be used to buy SYRUP. The 2-week liquidation heatmap highlights how the price has swept through the major magnetic zone above $0.5. As most of the accumulated long liquidations have been swept out, the Maple Finance Token is ready to resume its uptrend. Disclaimer: The information provided does not constitute financial, investment, trading, or other type of advice and is solely the opinion of the author.

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