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SYRUP pulls back to $0.5, but there’s an opportunity ahead
The daily price chart showed that SYRUP bulls remained dominant, and traders can look to buy.
As of July 2nd, the Maple Finance token has been in a steady uptrend over the past six weeks. In June, it had rallied 98%, rising from $0.331 to $0.658 before experiencing a retracement over the past week.
In the short term, SYRUP’s retracement toward $0.5 comes on the back of weak selling volume. The lower timeframes looked bearish, and traders could wait for signs of a reversal before buying.
According to the 1-day chart, there is a strongly bullish bias in place. Based on the most recent impulse move higher, a set of Fibonacci retracement levels was plotted. They showcased the $0.494 and $0.45 levels as key support levels that must be defended for the uptrend to continue.
During the swift surge higher, SYRUP also left behind a fair value gap (FVG). Marked in white, these regions represent imbalances that the price tends to revisit later. In this case, it was likely to act as a demand zone.
The confluence with the 50% and 61.8% retracement levels helped make the case that the current retracement could end at $0.5.
All technical indicators were also in favor of the bulls. The OBV has not broken its uptrend, showing buyer dominance. The RSI remained above the neutral 50 mark to reflect bullish momentum was intact.
For traders looking to buy SYRUP, patience is essential.
Source: ambcrypto.com
