Morpho [MORPHO] posted a 10.3% gain over the past day at press time, as activity surged in the perpetual market and bulls continue to drive the rally.
The market structure, however, shows one remaining hurdle that needs to be cleared before price can extend further, with structural resistance posing a credible barrier to the upside.
Long trades account for 54% of perpetual volume
A clear shift has taken place in the perpetual market, with investors taking a decisively bullish stance on Morpho.
The driving factors are capital allocation and trading activity. At the time of writing, long trading volume accounted for 54% of all trades in the Morpho perpetual market, with the Long/Short ratio reaching 1.27. This surge aligns with both the capital balance and Funding Rate data in the market.
Notably, Open interest (OI) rose 11% in the past 24 hours, with the Funding Rate rising in tandem to a reading of 0.0053%. This signals that investors are maintaining a bullish stance on the asset and adding to the overall constructive outlook.
MORPHO tracks a rising channel with $2.23 as the key level
The technical outlook points to further upside for MORPHO, though a structural resistance level remains in the way.
The asset is following a rising upward channel, indicating it is tracking a sustained bullish trend. At press time, MORPHO was advancing toward a resistance level at $2.23.
A clean break above this level would likely push the asset toward $2.36, representing a 9.47% gain from that point.
A rejection at $2.23, however, would likely send the price back toward the rising diagonal support line, which could provide a platform for another rebound to the upside.
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.
A rising A/D indicator in positive territory signals that MORPHO is likely to continue in its established upward direction.
38,700 investors vote 100% bullish
Community sentiment for Morpho remains firmly on the upside.
The community sentiment indicator measures whether investors are bullish or bearish based on aggregated votes, and at present, 38,700 investors have voted 100% in favor of a continued price surge.
With sentiment holding at its highest possible reading, investors are expressing unified confidence that MORPHO will extend its upward move toward the target marked above.
Final Summary
- Morpho’s perpetual market long-to-short ratio has reached 1.27, with long trades accounting for 54% of volume.
- MORPHO was testing a resistance level at $2.23; a break above this level would open a 9.47% move toward $2.36.
Credit: Source link