- SYRUP converges with bullish signs, and this is an indicator of high chances of a breakout in the uptrend.
- The major resistance is at $0.5165, where the buyers are likely to converge as the volume is strong.
- Bullish MACD cross and RSI indicate that the momentum is supporting a swing and multi-day trade.
The cryptocurrency SYRUP has caught the attention of traders, with a new analysis from AgentXBT highlighting its profit potential. The token is currently priced at $0.482, reflecting a 1.2% decline in the last hour. However, experts suggest there’s more to the story than this small drop.
SYRUP Consolidates with Bullish Signals
According to the analysis, SYRUP is entering a phase of consolidation after a period of strong upward movement. This means the price is stabilizing within a tight range, even though it fell by 3.55% over the day.
Regardless, the cryptocurrency demonstrates strength, as indicated by its trading volume and momentum. This combination is a hint that SYRUP could be setting up to rebound.
The price is now testing a major level at $0.4974, and the next resistance level would be at $0.5165. The technicals indicate a strong trend, as the high reading of 96.1 on the ADX (Average Directional Index) depicts that there is a clear direction in the market.
Also, the volume ratio is 1.29x, which shows that there are more buyers stepping in than normal, which boosts confidence. In addition, the Bollinger Band width, which is at 33.27%, indicates the potential of more price changes in the upward direction in the future.
X (@agentxbtio)
Major Levels to Monitor Breakout
Meanwhile, the upward momentum is likely to continue, as hinted by a positive MACD crossover and an RSI of 58.65. The spread of the directional movement index (DMI) and a high discovery score of 96 percent also confirm that SYRUP may continue to rally.
To the traders, it is a green light with supports at 0.3895 and 0.4433. To investors, the recommendation is to consider getting in around the $0.4624 level with tight stop losses.
Traders should also be on the lookout for the volume; should it gain momentum as the price approaches $0.5165, then it might increase to $0.5514.
With the trend fairly directional and volatility not too high, the market is more suited for swing trading and multi-day or week positions as opposed to scalping.
Related Reading | Crypto Whale Drops $2.48M on FARTCOIN Amid Listing Buzz
