Morpho price has staged a strong comeback in the past few days, making it one of the top gainers in the crypto industry. It jumped to a high of $1.4300, its highest level since December 4 last year and 47% above its lowest level this year.
Morpho Crypto Has Jumped as Catalysts Rise
There are a few reasons why the Morpho token has rebounded in the past few days. First, the main reason is because of the ongoing crypto market rally that has driven Bitcoin and most altcoins much higher today. Bitcoin price has jumped above $70,000, while the market capitalization of all tokens has soared to nearly $2.5 trillion.
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Second, Morpho has jumped after its vaults were added to Anchorage Digital. This is a major development that makes its products available to more institutional investors. It will unlock way for institutional investors to allocate and access onchain capital markets with custody, controls, and workflows. In a note, the head of Morpho said:
“Institutional investors want exposure to onchain strategies without the operational uncertainty of setting up their own digital assets infrastructure. This integration gives Anchorage clients access to enterprise-ready Morpho Vaults.”
Third, and most importantly, Morpho price jumped after inking a major deal with Apollo Global Management, a top player in the private equity and credit industries. This partnership will also see Apollo and its affiliate to buy 90 million MORPHO token in the next 48 months. The two companies will continue collaborating.
Additionally, the total value locked (TVL) in Morpho has jumped to a record high in ETH terms. It soared to a record high of 2.84 million ETH, up sharply from last year’s low of 750k ETH tokens. Morpho’s fees has also jumped in the last three consecutive months. That is a sign that it is thriving as the crypto industry faces major challenges.
Morpho Price Technical Analysis
The daily chart shows that the MORPHO token has rebounded in the past few days. This rebound happened after it formed a double-bottom pattern at $1.090. It has now moved to the neckline at $1.4310, its highest point in January this year.
The coin has also jumped above the 50-day Exponential Moving Average, while the Relative Strength Index (RSI) has pointed upwards. Therefore, the token will likely continue rising as bulls target the 50% retracement at $1.97.
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