Morpho crypto price continued its strong upward trend, reaching its highest level since November 17. It jumped to $1.9655, up by 100% from its lowest level in February this year. This article explores why this rally is happening amid the ongoing jitters in the market.
Morpho Price Soars Amid Growing Usage
The Morpho token continued the strong bull run this month, continuing the strong uptrend that started on February 5.
This rally accelerated as demand for the network continued soaring. Data compiled by DeFi Llama shows that the total value locked (TVL) in the network soared to a record high of 2.97 million ETH tokens from last year’s low of 976k ETH.
The TVL continued soaring as more retail and institutional companies joined the network. For example, it has a deal with Coinbase that enables users to borrow against their Bitcoin.
It recently partnered with Apollo Global, a major institution with over $650 billion in assets under management. The partnership will see Apollo buy 40 million MORPHO tokens over time.
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Morpho token has also soared because of the gradual jump in its open interest in the futures market. CoinGlass data shows that the open interest has soared to $37 million, its highest level since October 7 last year. It has been on a gradual increase after bottoming at $14 million in December last year.
Morpho’s weighted funding rate has continued rising and is currently at the highest level in months, a sign that traders in the futures market expect it to continue rising in the future. Its volume in the spot market has also continued rising.
Morpho Crypto Price Technical Analysis
The daily chart shows that technicals have contributed to the ongoing Morpho crypto price surge. This rally started after forming a double-bottom pattern at $1.063 and a neckline at $1.4226.
The token has moved to the Ultimate Resistance level of the Murrey Math Lines tool. Also, the 50-day Exponential Moving Average has provided it with strong dynamic support.
The Relative Strength Index (RSI) continued rising and has now settled at the overbought level of 70. Additionally, the Average Directional Index (ADX) has continued rising, signaling that the bullish momentum is accelerating.
Therefore, the most likely Morpho price prediction is bullish, with the next key target being the extreme overshoot level of the Murrey Math Lines tool at $2.1485. A move above that price will raise the odds of it rising to $2.5.
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