Morpho’s price surged this week, reaching its highest point since February, driven by significant demand for its lending solutions.
Summary
- The Morpho token has risen by 245% from its lowest point this year.
- Total deposits on its platform have soared to $10 billion.
- Technical indicators suggest further gains are possible this year.
The Morpho (MORPHO) token reached a peak of $2.8567, representing an increase of over 245% from its March low. Its market capitalization has risen to $867 million, with a 24-hour volume increase of 24%.
The surge in Morpho’s price is attributed to persistent demand for its offerings. As reported on its website, total deposits surpassed the $10 billion mark this week, and the value of issued loans has exceeded $3.6 billion.
According to DeFi Llama, the total value locked in Morpho reached a record high of $7 billion, up from $2.5 billion in April.
Much of Morpho’s growth has been fueled by its integration with Coinbase, the leading cryptocurrency exchange in the U.S., granting it access to millions of users. This trend is expected to persist following the introduction of The Base App.
Morpho provides a platform that allows users to deposit their funds and earn returns. Unlike other platforms, it permits users to choose their preferred pools for deposits. Additionally, users can use their crypto assets as collateral for loans.
Morpho is among several entities transforming the crypto lending space, which has amassed over $100 billion in deposits. Competitors include well-known names like AAVE and Maple Finance.
Morpho price technical analysis
Recent daily charts indicate that the Morpho token has rebounded significantly over the past few weeks, climbing from a low of $0.8186 in April to nearly $3 today.
Morpho has surpassed a crucial resistance level at $2.2570, forming a double-top chart pattern with a neckline at $1.5700, its lowest point on August 2.
The token is now trading above the 50-day Exponential Moving Average, signaling bullish momentum. The Supertrend indicator has turned green, and oscillators are indicating upward movement.
Consequently, the Morpho token price is likely to continue its upward trajectory, with bulls targeting the year-to-date high of $4.1715, which is 60% higher than the current level.
Disclosure: This article does not constitute investment advice. The information and materials presented on this page are for educational purposes only.
