Morpho [MORPHO] At the time of publication, the stock had gained 10.3% in one day. The perpetual market was booming and the bulls were driving the rally.
Market structure shows that there is still one hurdle to overcome before the price extends further. Structural resistance poses a real barrier for an increase in price.
Five-fourths of the volume is made up by long-term trades
The perpetual market has seen a shift in investor sentiment, as they have adopted a more bullish outlook. Morpho.
Trading activity and capital allocation are driving factors. As of this writing, the long volume of trading accounted for 54 percent of all transactions on the Morpho Perpetual Market, and the Long/Short to ratio reached 1,27. This increase is in line with the data on the Market Funding rate and Capital Balance.
The Open Interest (OI), which is a measure of open interest, has risen by 11% over the last 24 hours. Funding rate also increased to 0.0053%. The fact that the Funding Rate is rising in tandem with the Open Interest (OI) indicates that the investors remain bullish on this asset, adding to its overall positive outlook.
MORPHO follows a channel that is rising with $2.23 being the critical level
MORPHO’s technical prospects are positive, but a level of structural resistance is still in its way.
Asset is moving in a channel rising up, which indicates that it’s following a bullish trend. MORPHO advanced toward $2.23, a level of resistance at the time of publication.
If the asset were to break through this barrier, it would most likely move up toward $2.36. This represents a gain of 9.47%.
However, a rejection of $2.23 would send the price towards the ascending diagonal support line. That could create a basis for another upwards rebound.
The Accumulation/Distribution indicator adds further confidence to the bullish structure, holding on the positive side of the market with total volume crossing 9.97 million.
MORPHO will likely continue to move in the direction it has established.
38,700 investors vote 100% bullish
The community’s opinion of Morpho is still overwhelmingly positive.
This indicator is a measure of investor sentiment based on the aggregated vote. At present, 38.700 investors have 100% voted in favor for a price increase to continue.
The sentiment is at the highest level possible, and investors have expressed a united confidence in MORPHO to continue its upward trend toward the marked target.
Final Summary
- The perpetual long-to short ratio of Morpho has been reached at 1.27. Long trades account for 54% volume.
- MORPHO is testing its resistance level, which was $2.23. If this level were to be broken above it would lead to a 9.47% increase in price towards $2.36.
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Source: ambcrypto.com
