Morfo Crypto on 28 February increased by 20% despite the risk-to-sense of the widespread crypto market. However, the slowdown for the technical indicators Altcoin has changed, a potential pullback suggests that the horizon is on.
Morfo (Morfo) on Friday reached a high level of $ 2.44, marking its weekly growth of 35% and brought its market cap to about $ 500 million as press time. Recently the price rally was with an increase in trading activity, with the amount of daily trading doubled from the previous day, which was more than $ 94 million.
Established in 2021, Morfo is a decentralized, non-nonaccustodial lending platform on the atherium that optimizes the borrowed pool by facilitating a direct colleague to a direct colleague.
The protocol, which enables the crypto assets to lend and borrow, is aimed at providing better interest rates for both borrowers and lenders, as long as the traditional lending pools are matched as long as needed.
Most of today’s benefits come after the coinbase Listed Morfo on both atherium and base network.
As the largest crypto exchange in the US, the coinbase has a history of affecting crypto prices with its listing. As reported earlier by crypto.news, the so -called “Coinbase Effect” fired about 30% increase in popcat (popcat) price after its listing on the exchange.
Meanwhile, Morfo developers also shared something Update To go with coinbase listing. The firm stated that their smart contracts are now live on several blockchain, including unichene, mode network, hemi, corn and sonic. These contracts are reviewed by independent auditors and come with $ 2.5 million bug bounty.
Amidst these developments, the publicity among its community has pushed Morfo for a trend on Google.
Potential improvement on horizon
Despite driving fresh interest in Altcoin, Morpho is a significant risk for traders.
As data From intotheblock, about 95% of morpho tokens are conducted by large investors. Currently with more than 87% of the holders, many people can decide to sell and lock in profit, especially in search of recession with a broad crypto market.
Bitcoin, Belvedar Crypto Asset, recently fallen below $ 80,000, and Crypto Fear and Greed Index Two years short One may indicate a sell-off between a risk-like property like morpho.
Technical indicators have also flashed the recession signals. On the 1-day morpho/USDT price chart, the morpho is built under a 50-day moving average, suggesting that Beers dominate their market.
Supertrend indicator supports the view as it was seen red shining and remains above the price of morpho.
Although Morfo is still trading above the descending trendline that has been formed since January. 17, today a decline below the trendline today may indicate a reversal of a recession as it marks a major psychological resistance level. In that case, Morfo may move towards its local lower $ 1.75, which was last seen on 8 February.
However, the setup can be invalidated when the market sentiment improves and it does more rallies.
At the press time, Morfo had already lost some of his daily benefits, exchanging hands at $ 2.26 per coin.
