Morpho Price Rallies 43% Amid Partnership with Coinbase to Launch Crypto-Backed Loans – Will 10% More Follow?

Highlights:

• Morpho price has spiked 43% to $4.03 in a splendid show of bullish muscle.
• The daily trading volume has surged over 198%, indicating heightened market activity.
• The recent rally follows Coinbase’s partnership with Morpho for Bitcoin Loans.

The Morpho price boasts a strong bullish muscle, rallying 43% to $4.03 in the past 24 hours. The growing interest in the token has seen the trading volume spike by more than 198% to $228 million, signaling increased demand. MORPHO is now up 38% in a week and 48% in a month.

The recent rally follows Coinbase’s Partnership with Morpho for Bitcoin Loans. The loans operate on Base, Coinbase’s Ethereum Layer 2 network. Customers can borrow up to $100,000 USDC by pledging Bitcoin as collateral. Coinbase previously offered similar loans through its Borrow program, which ended in 2023.

Crypto-backed loans on @coinbase powered by Morpho.

Now, millions of users can borrow against their BTC on Coinbase. pic.twitter.com/TRAFouZfZT

— Morpho Labs 🦋 (@MorphoLabs) January 16, 2025

The Coinbase integration as a catalyst could drive Morpho’s price further upside to $4.50. Let’s dive into the technical outlook and decrypt how high MORPHO could reach. 

Morpho Statistical Data

Based on CoinmarketCap data:

• MORPHO price now – $4.03
• Trading volume (24h) – $228.31million
• Market cap – $686.62 million
• Total supply – 1 billion
• Circulating supply – 170.59 million
• MORPHO ranking – #128

Morpho Price Strikes Along a Parabolic Curve

The Morpho price illustrates some key technical levels and highlights the dynamics of the current price action. The token is exchanging hands at $4.03, representing a slight pullback from the intraday high of $4.18. Despite this retreat, indicators are still solid, with the token in a strong uptrend.

The bulls seem to be back in control. The price movement follows a sharp parabolic curve, indicating aggressive upward momentum fueled by high demand and strong market sentiment. A looming golden cross is notably on the horizon in the 4-hour chart, which, if manifested, will reinforce the bullish grip. 

A major support for Morpho price lies between $2.92, coinciding with the 200-day moving average. This had previously acted as a strong accumulation zone. Besides, $2.85, near the 50-day moving average, provides an intermediate support level to prevent further pullback. 

The Moving Average Convergence Divergence (MACD) indicator upholds the bullish outlook and hints at the uptrend reaching higher levels. The buy signal is evident as the blue MACD line (0.3394) crossed above the orange signal line (0.1865). Traders are inclined to continue buying MORPHO unless the trend in the MACD changes.

Morpho Price Poised for a Short-Term Retracement

A zoomed outlook at the RSI(Relative Strength Index) hurtled to 77.78, indicating that the token is overbought. This suggests that the asset has become overbought for the short term, which ties in with the current price correction. 

As displayed in the recent rise, a parabolic curve shows how swift the uptrend has been; such uptrends usually suffer violent corrections due to overstretching. If the support levels in the Morpho market hold intact, the price could reach $4.50, a 10% rally in the short term. 

Conversely, early profit booking may cause a slight retracement, allowing the bulls to sweep through liquidity. This may cause Morpho’s price to fall to the $3.50 support level. A breach and break below this may ignite some bearish prospects, causing the price to hit $2.92, coinciding with the 200-day MA.