Morpho Races Toward the $2.500

The MORPHO/USDT market has seen sustained bullish activity. As a result, today the coin has seen an additional price gain of 5.86%. Going by the appearance of price movement, it seems buyers may still record more upside progress.

MORPHO Market Statistics

Current Price: $2.369

Market Capitalization: $772.55M

Circulating Supply: 327.83M

Total Supply: 1B

CoinMarketCap Rank: 96

Key Price Levels

Resistance: $2.500, $3.000, $3.500

Support: $2.000, $1.500, $1.000

MORPHO/USDT Eyes the $2.500 Price Mark

For the second consecutive session, the Morpho token has registered a continued upward movement. The last price candle here is now testing the uppermost band of the Bollinger Bands (BB) indicator. As a result, the token now trades at a multi-month (6-month) price level.

The BB indicator itself is tilting upward at the terminal end. In addition, the Stochastic Relative Strength Index (SRSI) indicator lines have performed an upward crossover in the oversold zone and have continued on an upward path. The corresponding price candle to the ongoing session suggests that downward forces are not yet active. Consequently, this may create room for more price growth.

Morpho Keeps a Steady Upward Trajectory

The MORPHO/USDT market on a 4-hour price chart has revealed that bullish momentum is keeping it steady. It could be seen that only green price candles form the assembly since price action recently broke through the resistance formed by the middle band of the BB indicator.

Currently, the last price candle here stands above the higher band of the BB indicator. Also, the last price candle stays green but hints at a possible pullback via its doji-like appearance. The SRSI indicator lines continue to drag sideways at the 100 level. At this point, it seems an inevitable pullback may occur, but the overall short-term may resume toward the $3.000 price level.

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