Maple Finance’s native token, Syrup stands out as the top winner of today, surgening 18% as the broader crypto market is about to expand its recovery for the second day in a row.
If technical indicators flash bull signals, the rally may still have room to run.
Sylop rally gets steam
Syrup’s Aron Up Line continues to be bullish on the 100, confirming that the current uptrend is supported by significant purchasing pressure.
The AROON indicator identifies the direction and intensity of an asset’s trend by measuring the time that has passed since the most recent high or low value.
When Aron Up Line reaches 100%, assets have recently reached a high of within the lookback period, typically 25 periods. This is the case for syrup that registered a new all-time high of $0.6195 during today’s trading session.
This trend reflects sustained buyer pressure, suggesting that buyers continue to control syrup’s price behavior.
Furthermore, over the past day, open interest in Altcoin’s futures rose 16%, indicating a growing participation in markets driven by bullish sentiment. Syrup’s open interest is $50 billion at the time of writing.
Open profit refers to the total number of unresolved futures contracts that have not yet been resolved. When open interest rises with prices, it indicates that new money is flowing into the market.
In the case of Syrup, the increase in open profits combined with rising prices suggests increased confidence among traders that bullish movements could continue.
Syrup is below record highs
At the time of press, the tokens are trading below the all-time high at $0.6062. Syrup could be recovered and broken by bolstering bullish momentum by surpassing this price peak.
However, if you make a profit, this bull projection is ineffective. In that scenario, the price of the syrup token could lose some of its recent profits and plunge into $0.5070.
Disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although Beincrypto is committed to accurate and unbiased reporting, market conditions are subject to change without notice. Always carry out your research and consult with an expert before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
