MORPHO soars after Coinbase listing, but a potential correction may be looming

Morpho Crypto reached 20% on February 28 despite a sense of risk on the wider market of cryptography. However, the technical indicators have become lower for Altcoin, which suggests that potential withdrawal is on the horizon.

Morpho (Morpho)) rose to an intrajournalist of $ 2.44 on Friday, marking an increase of 35% compared to its weekly hollow and bringing market capitalization to nearly $ 500 million from press time. The recent price rally was accompanied by an increase in commercial activity, the daily negotiation volume being doubling the day before at more than $ 94 million.

Founded in 2021, Morpho is a decentralized non-guardian loan platform on Ethereum which optimizes loan pools by facilitating direct interactions between peers.

The protocol, which allows overlapping loans and loans, aims to provide better interest rates for borrowers and lenders by matching liquidity directly while relying on traditional loan pools as a withdrawal if necessary.

Most of today’s earnings came after Coinbase listed Morpho on Ethereum and basic networks.

As a greater crypto exchange in the United States, Coinbase has a story of impact on cryptography prices with its lists. As indicated previously by crypto.news, the so-called “Coinbase effect” led almost 30% overvoltage In Popcat (Popcat) Price after his list on the stock market.

Meanwhile, the developers of Morpho also shared some updates To accompany the Coinbase list. The company noted that their intelligent contracts are now alive on several blockchains, notably Unichain, Network, Hemi, Corn and Sonic mode. These contracts were examined by independent listeners and are delivered with a $ 2.5 million buckt bonus.

In the midst of these developments, the media threshing among its community pushed Morpho to google.

Potential correction on the horizon

Despite the announcement of the Haussier registration arousing a new interest in Altcoin, there remains a significant risk for the merchants of Morpho.

According to data From intotheblock, around 95% of morpho tokens are held by large investors. With more than 87% of holders currently in profit, many could decide to sell and lock the gains, especially with the wider cryptography market that looks Baisans.

Bitcoin, The Bellwether Crypto Asset, recently Fallen below $ 80,000and the index for fear of crypto and greed Hit a two -year -old could cause a sale among risk assets like Morpho.

Technical indicators also flashed downwater signals. On the Morpho / USDT price table at 1 day, Morpho remains under the 50 -day mobile average, which suggests that the Bears continue to dominate its market.

The Superrend indicator supports the view because it was seen flashing in red and remains above the price of Morpho.

Although Morpho is still negotiating above the descending trend line that has been formed since January 17, a flap below the trend line at $ 2 today could point out a downward reversal because it marks a level of key psychological resistance. In this case, Morpho could fall more towards his local hollow of $ 1.75, given for the last time on February 8.

However, the configuration could be invalidated if the feeling of the market improves and that it gathers.

At the time of the press, Morpho had already lost some of his daily earnings, exchanging hands at $ 2.26 per room.