The price of SYRUP is showing signs of bullish reversal after defending a key support area at $0.38-$0.40 and forming a potential triple bottom.
Triple Bottom Formation
The SYRUP price has bounced off the horizontal support zone between $0.38-$0.40 for the third time, suggesting a potential triple bottom formation. This bullish reversal pattern often signals the exhaustion of a downward trend. The resistance 'neckline' of this pattern lies between $0.66 and $0.68, and a break above it with volume would confirm the reversal.
SYRUP Price and Key Levels
SYRUP is currently testing the dynamic resistance of EMA20. Bearish momentum appears to be fading, with the MACD close to a bullish crossover and the RSI (46) rising toward neutral territory. A decisive close above EMA20 (~$0.46) would increase the likelihood of retesting the resistance at $0.66–$0.68. If this level is broken with strong volume, it would confirm the triple bottom pattern and activate a measured move target of $0.97, also aligning with the psychological resistance at $1.00.
Drivers of SYRUP Price
The recent 20% rally since July 25 was fueled by listings on major exchanges, including Upbit, Binance, and Coinbase. This surge in interest is supported by the latest performance of Maple Finance. In July, the syrupUSD asset reached $2.1 billion in total value locked (TVL) with a net annual percentage yield of 6.41%, highlighting the appeal to both institutional and retail participants in DeFi.
In conclusion, the SYRUP token presents signs of a potential bullish reversal, which may lead to significant price movement if key resistance levels are broken.
