Morpho Crypto rose to 20% on 28 February despite a risk-off sentiment in the wider crypto market. However, technical indicators have become Bearish for the Altcoin, which suggests that a potential withdrawal is on the horizon.
Morpho (Morpho) rose on Friday to an intraday height of $ 2.44, which marked an increase of 35% compared to his weekly low point and brought his market capitalization to almost $ 500 million from the moment of press. The recent price rally was accompanied by an increase in commercial activity, whereby the daily trade volume doubled from the previous day to more than $ 94 million.
Morpho, founded in 2021, is a decentralized, non-freed-up credit platform on Ethereum that optimizes the loan pools by facilitating direct peer-to-peer interactions.
The protocol, which makes overcollateral lending and borrowing crypto activa possible, aims to offer better interest rates for both lovers and lenders by directly matching, while they are still dependent on traditional credit pools as a fallback when needed.
Most of today’s profit came after Coinbase stated Morpho on both the Ethereum and the basic networks.
As the biggest crypto exchange in the US, Coinbase has a history of influencing crypti prices with its offers. As reported earlier by crypto.news, the so -called “Coinbase effect” caused an increase of almost 30% in the price of Popcat (Popcat) after the mention on the stock exchange.
In the meantime, the developers of Morpho also shared a few updates To join the Coinbase list. The company noted that their smart contracts are now live on several block chains, including Unichain, Fashion Network, Hemi, Corn and Sonic. These contracts were assessed by independent auditors and are supplied with a bug -bounty of $ 2.5 million.
In the midst of these developments, the hype has pushed the Morpho community to trends on Google.
Potential correction on the horizon
Despite the bullish listing announcement that stimulates new interest in the Altcoin, there remains a considerable risk for Morpho traders.
According to facts About 95% of the Morpho -Tokens is kept by large investors from IntotheLock. With more than 87% of holders currently have a profit, many can decide to sell and retain profit, especially with the wider cryptomarket that looks Bearish.
Bitcoin, the Bellwetther Crypto Asset, has recently fallen below $ 80,000, and the crypto fear and greed index A low point of two years Can cause a sale at risk assets such as Morpho.
Technical indicators have also flashed Beerarish signals. On the 1-day Morpho/USDT price diagram, Morpho remains below the 50-day advancing average, suggesting that bears continue to dominate its market.
The Supertrend indicator supports the display because it was seen red and remains above the price of Morpho.
Although Morpho is still acting above the falling trendline that has been since January 19, a fall under the trendline can indicate a bearish reversal today because it marks an important psychological resistance level. In that case, Morpho can fall further to his local $ 1.75 low, last seen on 8 February.
However, the setup can be invalid if the market sentiment improves and it gets higher.
At the time of the press, Morpho had already lost some of his daily profit, exchanging hands at $ 2.26 per coin.
