KEY TAKEAWAYS

• Maple Finance (SYRUP) reached a new all-time high price today.

• SYRUP fell below the $0.62 area after reaching its high.

• Was the SYRUP high just a deviation, or can the price sustain it?

Maple Finance (SYRUP) reached a new all-time high today despite an ongoing crypto market crash.

There are rumors that Upbit has listed SYRUP, but the news has not been confirmed yet.

With that in mind, let’s examine the charts and determine what lies ahead.

SYRUP All-Time High Price

The SYRUP price fell under a resistance trend line after its original high of $0.658 on June 25.

The bearish trend led to a low of $0.40 on July 21, but the price bounced, validating the $0.41 horizontal area as support (green icon).

SYRUP started a powerful rally afterward, breaking out from a resistance trend line and creating five successive bullish candlesticks. 

Today, the SYRUP price reached a new all-time high of $0.675 before falling slightly.

The decline is worrisome since it has led to a long upper wick and a decrease below the $0.62 horizontal resistance area.

If the price action holds, it will create a deviation above the all-time high, which usually leads to a bullish trend reversal.

Despite this bearish omen, momentum indicators are positive. The Relative Strength Index (RSI) crossed 50 while the Moving Average Convergence/Divergence (MACD) made a bullish cross (black circle).

So, indicators point to a strong, bullish trend despite the seemingly bearish price action.

Let’s look at the wave count to see if it can break the deadlock.

What’s Next for SYRUP?

The wave count shows a completed five-wave upward movement where wave five created an ending diagonal, adding more credibility that this is the correct count.

While the SYRUP price fell afterward, the decline is too short in duration to be the correction for the entire movement, though it fits in magnitude.

So, the main possibility is that SYRUP is completing wave B in an A-B-C flat, which will take the price back to $0.37, confirming that the rally is just a deviation.

The alternative count is that the correction is over, and the SYRUP price has started another five-wave upward movement.

If that is the case, the correction is already behind us and the  SYRUP price  will soon resume its ascent to $1.

The future SYRUP trend is unclear because of the conflicting readings from the price action, momentum indicators, and wave count.

Future Trend Unclear

The SYRUP price reached a new all-time high today, but the future trend is unclear.

The price action and momentum indicators disagree, the former being bearish while the latter is bullish.

Additionally, the wave count provides two valid counts and fails to confirm whether the breakout is legitimate or a deviation.