MORPHO traders, should you brace for a possible $2 price dip?
Journalist
Posted:
Key Takeaways
Whale transfers of MORPHO tokens mixed with spikes in age consumed confirmed beforehand idle tokens have been being moved, doubtless for promoting, and a value dip to $2 was potential.
Morpho [MORPHO] has been trending slowly increased since April. The altcoin was up 154% in 5 months, however was nonetheless 48% beneath its all-time high of $4.17, which it had reached again in January.
Supply: Santiment
Santiment knowledge confirmed that $2 million price of Morpho was despatched to the centralized trade Bybit up to now 24 hours. This represented 0.3% of the market cap of the asset, which was at $723 million on the time of writing.
Usually, token transfers to exchanges point out imminent promoting strain. Ought to Morpho traders be frightened of a value pullback?
AMBCrypto discovered that the on-chain metrics mirrored wholesome ranges of exercise, but additionally got here with a notice of warning.
Morpho accumulation resumes in September
The availability distribution chart above confirmed that sharks and whales holding 10k- 1M MORPHO tokens had been promoting from mid-July to mid-August.
Throughout this month-long contraction within the provide this cohort held, different batches of MORPHO holders continued to develop in quantity.
This confirmed regular shopping for strain from shrimp to whale MORPHO wallets, which was an encouraging sight for long-term traders.
The community exercise metrics have been at comparatively wholesome ranges over the previous three months. The each day energetic addresses jumped increased in July, and has retained that bounce as a baseline within the following months.
The community development, which captures the variety of new addresses being created on the community every day, was additionally at comparatively wholesome figures over the previous six months.
Collectively, these metrics confirmed that community exercise continued apace no matter value volatility.
Nonetheless, the Imply Coin Age and age consumed have been carefully tied to the age of MORPHO tokens held in wallets. The imply coin age didn’t have a powerful development over the previous two weeks.
Moreover, the age consumed metric noticed sporadic, sharp spikes for the reason that twenty second of August. This confirmed a lot of beforehand idle tokens have been moved, doubtless for promoting functions.
Over the previous three days, the age consumed noticed one other spate of upticks, agreeing with the initital concept that Morpho would possibly see short-term promoting strain.
Since value is drawn to liquidity, the liquidation heatmap may also help perceive the place the following key value targets for MORPHO have been at. The 1-month lookback interval heatmap revealed a powerful magnetic zone at $2.23 overhead.
To the south, the $2 psychological help was additionally a notable liquidity pocket. Therefore, within the occasion of a sell-off, the $2 ought to present a lovely shopping for alternative.
In the meantime, a transfer past $2.23-$2.28 would point out bullish energy.
