Sharp Rebound From Trendline Support
MORPHO staged a 10% price surge over the past 24 hours, reversing a recent bearish trend. The token had previously declined amid broader market panic following the Binance hack, but it has since bounced from a trendline support level that had held for months. According to AMBCrypto, the price recovered from the $2.07 zone, which acted as a critical bottom during the recent downturn.
This upward movement allowed MORPHO to climb above its 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs). Reclaiming these long-term technical indicators is often viewed by market participants as a sign of renewed bullish momentum. The price action suggests that buyers have stepped in to defend the $2.07 support level, pushing the asset back into positive territory relative to its longer-term trend.
Spot and Futures Volumes Accelerate
Alongside the price increase, trading activity for MORPHO accelerated significantly across both spot and futures markets. Spot volume surged 266% to reach $97.49 million in the last day. Simultaneously, futures volume jumped 160%, totaling $15.83 million. These figures indicate a substantial increase in participation from traders willing to take on directional risk.
CryptoQuant data on average order sizes provides further insight into this participation. The platform’s metrics for Spot and Futures Average Order Size showed a mix of activity from both smaller and larger traders. This broad base of engagement suggests that the current price movement is not driven solely by a single large entity but involves a wider segment of the market.
Scheduled Unlock on Nov. 20
As the token gains momentum, a scheduled token unlock is set to take place on November 20. Approximately $2.33 million worth of MORPHO is slated for release on this date. While the immediate price reaction to such events can vary, the potential release of new tokens into circulation could introduce selling pressure if recipients choose to move their assets onto the open market.
Market watchers will likely monitor how the token holds up against the reclaimed EMAs in the coming days. If buyers maintain control and the price stays above these moving averages, technical analysts suggest the asset could test the next swing high at $2.56. Conversely, if the token loses the reclaimed averages, the $2.07 support zone would likely come back into focus as the primary area of interest.
Why It Matters
The 266% surge in spot volume to $97.49 million indicates significant trader engagement following the Binance hack-related decline. The upcoming release of $2.33 million in tokens on Nov. 20 introduces a near-term supply factor that could test the recent bullish momentum. Traders and holders must monitor whether the price can sustain levels above the 200-day EMA to validate the recovery trend.
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