Morpho price continued its strong comeback on Monday, rising for three consecutive days as bulls target the year-to-date high of $2.3180. It was trading at $2.08 on Monday, up by over 155% from its lowest level this year, giving it a market capitalization of over $685 million.
Morpho Growth is Continuing
Morpho is one of the biggest players in the decentralized finance (DeFi) industry, a trend that is accelerating this year. It operates a top lending and earning marketplace in the industry.
One can deposit funds in various vaults and earn a return on their USDC tokens. Some vaults yield as high as 12.50%, much higher than other traditional assets. Its total deposits currently stand at over $10 billion.
Morpho is also known for its lending platform, which has over $3.2 billion in assets. This lending feature gained popularity following its integration with Coinbase, the largest American crypto exchange. As the chart below shows, the amount of money being lent in Coinbase continues growing, with over $800 million in originations and $600 million in active loans.
Recent data shows that Morpho’s total value locked (TVL) has jumped to a record high of $6.45 billion, up from the year-to-date low of $2.56 billion. Most importantly, the fees generated in the network rose to over $11.8 million in July, and it has already made $9.65 million this month so far.
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The next key catalyst for the Morpho price will be the upcoming V2 upgrade, which will introduce a new way of lending for institutions. It will have fixed rates and cross-chain lending, allowing users to borrow across multiple chains like Ethereum, Unichain, and Base.
Morpho Price Technical Analysis
Morpho price chart | Source: TradingView
The daily timeframe chart shows that the Morpho token price has rebounded in the past few months. It has jumped from a low of $0.8090 in April to above $2, which is beyond the 50-day moving average.
The token has formed an inverse head-and-shoulders chart pattern, a popular bullish reversal pattern. Therefore, the most likely scenario is where the token stages a strong bullish breakout, with the next target to watch being the psychological point at $3, up by 45% above the current level. A drop below the right shoulder at $1.55 will invalidate the bullish forecast.
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