The cryptocurrency MORPHO experienced substantial gains following its listing on Coinbase, despite the general adverse market conditions. However, technical indicators suggest a potential fallback to lower values.
MORPHO Gains After Coinbase Listing
MORPHO's price reached an intraday high of $2.44, marking a 35% increase from its weekly low, elevating its market cap to nearly $500 million. The primary driver was the Coinbase listing, which doubled the daily trading volume to $94 million.
Boost from Technical Enhancements
In addition to the Coinbase listing, MORPHO's developers announced the launch of smart contracts on several new blockchains, including Unichain, Mode Network, and others. These improvements were paired with audits and a $2.5 million bounty program.
Potential Correction Ahead
Despite the recent surge, analysts note the possible price drop. About 95% of the tokens are held by large investors, who might close positions to secure profits. Bearish signals such as trading below the 50-day moving average indicate potential descent to $1.75.
While MORPHO's growth impressed the market, technical signals warn of a return to lower values. Future market sentiment and actions by large investors will be pivotal.
