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 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 expands access to its products for more institutional investors. It will enable institutional investors to allocate to and access on-chain capital markets with custody, controls, and workflows. In a note, the head of Morpho said:
“Institutional investors want exposure to on-chain 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, the 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 buy 90 million MORPHO tokens 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 have also jumped in the last three consecutive months. This indicates that it is thriving despite the crypto industry facing 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 reached the neckline at $1.4310, its highest level in January this year.
The coin has also moved above the 50-day Exponential Moving Average, while the Relative Strength Index (RSI) has risen. Therefore, the token will likely continue rising as bulls target the 50% retracement at $1.97.
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