The native token of Maple Finance, the syrup, stands out as the best winner of today, increasing 18% while the wider cryptography market is trying to extend its recovery for a second consecutive day.
With technical indicators flashing up bully signals, the rally can still have room to run.
The syrup rally wins steam
The Aroon Up line of syrup continues to flash up to 100, confirming that the current rise trend is supported by significant purchase pressure.
The Aroon indicator identifies the direction and resistance of the trend of an asset by measuring the time elapsed from the most recent tops or stockings.
When the Aroon Up line is 100%, the asset has reached a recent high in the look period, generally 25 periods. This is the case with the syrup, which recorded a new summit of $ 0.6195 during the negotiation session today.
This trend reflects sustained pressure from the purchase, which suggests that buyers remain firmly in control of the action of syrup prices.
In addition, during the last day, the interests open to the long term of Altcoin climbed 16%, which indicates increased participation in the market driven by a bullish feeling. The open interest of syrup amounts to $ 50 billion to date.
The open interest refers to the total number of current contracts in progress which have not yet been set. When open interests increase next to the price, it indicates that new funds take place on the market.
In the case of syrup, the rise in open interests combined upwards prices suggests a growing conviction among traders that the bullish move could continue.
Syrup stalls below the high record
At the time of the press, the token is negotiated below its top of all time at $ 0.6062. The syrup could recover and break above this prize peak with the strengthening of the bullish momentum.
However, if taking advantage resumes, this bullish projection is invalidated. In this scenario, the price of the syrup token could lose some of its recent earnings and dive around $ 0.5070.
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