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The Morpho token has only recorded very minimal gains, yet it still stands as one of the best-performing cryptocurrencies. The token, as of the time of writing, has seen a price increase of 0.46%, which was enough to keep it in the second spot on the daily top crypto gainers list. This is largely due to the bearish sentiment currently overwhelming the market, causing most coins to remain in the red.
MORPHO Market Statistics
Current Price: $1.956
Market Capitalization: $653.93M
Circulating Supply: 338.8M
Total Supply: 1B
CoinMarketCap Rank: 91
Key Price Levels
Resistance: $2.000, $2.250, $2.500
Support: $1.750, $1.500, $1.250
MORPHO/USDT Maintains an Elevated Base
The Morpho token shows a generally upward trend on the daily price chart. Recent price candles can be seen above the 9-day Exponential Moving Average (EMA) curve. The market also experienced a rapid upward recovery that spanned four sessions, with the strongest momentum occurring between the fourth and third sessions ago.
Additionally, the lines of the Stochastic Relative Strength Index (SRSI) indicator are in the overbought region but appear to be converging above the 80 mark. Traders can watch for a potential crossover on the SRSI indicator as a possible signal of a trend shift in this market.
Morpho May Have Hit Support
Extending this analysis to the 4-hour price chart, one can see that price action is attempting to rebound off the 9-day EMA curve. The latest price candle on this chart is green, suggesting that bullish forces are active.
The lines of the SRSI indicator are merged and moving sideways above the 50 threshold, indicating that downward pressure may be facing resistance at this level. Therefore, traders can anticipate a continued upward movement in price action toward the $2.250 level.
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