The price of Maple Finance (SYRUP) is testing a key resistance level of $0.34 on Wednesday, and a solid closing above this threshold could trigger the next rally. The potential breakout is supported by positive on-chain data, such as increased large transactions from “whales,” a cooling market, and buying pressure dominating. Technically, momentum indicators suggest that the bulls are preparing for a strong upward move as selling pressure continues to decrease.
Positive on-chain data suggests a breakout possibility
Information from CryptoQuant indicates that Maple Finance’s bullish outlook is being strongly reinforced. The spot market for SYRUP shows a series of large orders from whales, while buying pressure remains dominant and market conditions are gradually cooling down. All these signals suggest that Maple Finance may be on the verge of a promising breakout in the coming days.
Source: CryptoQuant## Maple Finance Price Forecast: SYRUP may continue to rise if it closes above $0.34
The price of Maple Finance (SYRUP) found strong support around $0.30 on Sunday and quickly surged over 11% in the following two days. As of Wednesday, when this was written, SYRUP is approaching the 50-day exponential moving average (EMA) at around $0.34, indicating that buying momentum is gradually recovering.
Daily SYRUP/USDT chart | Source: TradingView If SYRUP breaks above and closes above the 50-day EMA, the price is likely to target the next resistance level at $0.39, close to the Volume Point of Control (POC) – where the highest trading volume has been recorded since September 20. The RSI indicator on the daily chart is currently at 48 and moving toward the neutral 50, indicating weakening selling pressure; a breakout above this level would strengthen the recovery trend. Meanwhile, the MACD lines are converging with decreasing red histogram bars below 0, further increasing the likelihood of technical rebound.
Conversely, if SYRUP closes below $0.30, the market could see a correction, heading toward the nearest low of $0.27 on December 19.
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