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The Morpho price skyrocketed 38% in the last 24 hours to trade at $4.06 as of 2.15 a.m. EST on trading volume that soared 168% to $211.4 million.
Morpho’s price finally started to recover on Jan. 15 after previously descending slowly for about ten days. The project encountered a strong resistance at $3.05 which caused it to slowly drop, starting on Jan. 5. It then fell to $2.34 by Jan. 13.
However, after stabilizing at this price, the crypto’s price started growing rapidly over the last two days, reaching $3 yesterday, and then skyrocketing to $4.11 only a few hours ago. A major influence was likely a recent announcement that Coinbase launched crypto-backed loans powered by Morpho in its main app, which represents the largest-scale DeFi integration ever, according to Morpho Labs’ co-founder and CEO, Paul Frambot.
Coinbase launches crypto-backed loans powered by Morpho in its main app!
This is the largest-scale DeFi integration ever, with far-reaching implications for the future of DeFi, Crypto, and the entire financial industry.
— Paul Frambot | Morpho (@PaulFrambot) January 16, 2025
This will allow users to borrow USDC against Bitcoin without selling it, and it has already been made available to US users with the exception of the state of New York. Coinbase also announced that more collateral assets and regions will be supported in the near future.
Morpho Price Prediction
While Morpho received a major price boost after the announcement was made, its price has since seemingly stabilized at around $4.05, with small fluctuations that have placed its value at $4.06 at the time of writing.
However, it may also be possible that the altcoin’s price will surge again soon, if it continues following the pattern that it saw in the last few days. Specifically, on Jan. 15, the project saw its Bollinger Bands widen sharply, then undergo a slight narrowing, before widening again. After that, the bands saw a strong tightening as the price stabilized for about 12 hours.
The project’s Relative Strength Index (RSI) value, however, tells a different story. During the first price surge , the RSI skyrocketed deep into the overbought territory, reaching the value of 85.47, dropping slightly to 75.13, and then surging again to 91.91.
After that, it corrected to the edge of the oversold zone, which was when buyers started pumping it again. Over time, buyers have caused a pattern to emerge in the RSI’s movements. However, this time, the RSI still ventured into the overbought zone, only not as deeply, reaching the value of 80 and stopping there. After a period of 6 hours during which the RSI fluctuated within the overbought zone, it dropped to the neutral area right above 50, as some traders took profit, while others kept their MORPHO holdings.
Thereafter, another bullish wave took the RSI value to beyond 70 before it then dropped to around 60 for the second time in 24 hours. While the token is still seeing purchases dominate over sales, the new RSI behavior suggests that things are calming down, so it is less likely that the pattern established by the Bollinger Bands will repeat again in the days to come. In fact, MORPHO may have reached its limit for the time being, and it could potentially see a correction soon.
Promising Alternative To Morpho
While it may be too late to get into Morpho now, there are other high-potential projects to consider, such as Best Wallet (BEST), which is currently in presale.
Best Wallet is a new crypto wallet and launchpad project that offers all the capabilities of a well-developed decentralized exchange (DEX). What this means is that you can store thousands of cryptocurrencies within the wallet, thanks to the fact that it supports over 60 chains. Users can also utilize the application to buy, sell, swap, spend, secure, deposit, send, store, and stake cryptos.
The wallet even lets you manage multiple portfolios, with the functionality to connect with other wallets and manage all of your funds easily from within one app. It is entirely non-custodial, of course, meaning that there are no intermediaries with access to your money. You hold all the keys, and are in full control of your funds at all times.
The Fastest Growing Wallet in Crypto!
In a crowded market, Best Wallet delivers the tools you need to gain an edge. 🚀
1️⃣ Exclusive alpha on new projects.
2️⃣ Buy and claim tokens in the app.
3️⃣ Manage all your assets across multiple chains in one place.This is why the Best… pic.twitter.com/AT4yos1CmG
— Best Wallet (@BestWalletHQ) December 30, 2024
As mentioned, the wallet also comes with a launchpad, which lets you invest in hot new crypto ICOs. Each project undergoes a rigorous due diligence process before getting listed by Best Wallet’s launchpad. Those that have already gone live have seen major price boosts, such as Pepe Unchained (PEPU) and Catslap (SLAP).
As for its native crypto, the BEST Token, it started its presale in late 2024. Over the past few weeks it has raised over $7.29 million, becoming one of the most popular ICOs currently in the market. The token sells for only $0.023625, and by holding it, you get special perks such as early access to new projects, reduced transaction fees, higher staking rewards, and community governance. Not only that, ClayBro, a crypto YouTuber with over 135k subscribers, says that BEST is the best crypto to hold long-term for major gains.
Buy BEST tokens on its official website here before a scheduled price increase in 15 hours.
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Best Wallet - Manage Your Crypto
- Access DeFi and Web3 Dapps Across Multiple Chains
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