Market News

DeFi Landscape Brightens: Morpho Surges with Coinbase's Liquidity Support

Morpho has seen a significant price increase of 6.11% over the last 24 hours, currently trading around $2.49.

This uptick contributes to a notable 21% gain for the token this week, elevating its market capitalization to $817.37 million.

Increased demand within the DeFi lending space is fueling this upward momentum, with Morpho's total value locked (TVL) surpassing $9 billion and collateral supplied exceeding $1 billion.

Coinbase has bolstered Morpho’s outlook by injecting liquidity from its $179 million Stablecoin Bootstrap Fund, enhancing investor confidence.

Additionally, Gemini's recent launch of a self-custody wallet that integrates Morpho enables millions of users to access its lending markets directly.

Technically, MORPHO's breakout above resistance at $2.32 suggests a bullish trend, supported by its positioning above the 20-period moving average.

The widening volatility indicated by Bollinger Bands signals strong momentum, although the token is currently testing its upper band around $2.51.

It's important to note that the relative strength index (RSI) is near 77, indicating that the asset may be overbought in the short term.

Traders should keep an eye on support at $2.32 and resistance at $2.60, as a sustained close above the latter could lead to further price increases.

As the DeFi landscape evolves, Morpho could see its price targeting $3.00 if bullish conditions persist, despite potential profit-taking as it approaches key resistance levels.