Morpho [MORPHO] rallied 17.8% over a 24-hour period as traders shifted capital into decentralized finance (DeFi) assets. The broader DeFi sector interest also boosted tokens such as Ethena [ENA] and Aave [AAVE], providing a supportive backdrop for MORPHO as traders sought exposure to decentralized lending infrastructure.
Despite the price increase, Binance's top traders maintained a bearish account distribution. Short accounts reached 56.55%, while long accounts made up 43.45% of tracked positioning, resulting in a Long/Short Ratio of 0.77. Selling pressure was also visible across both spot and futures markets, as the 90-day Spot Taker CVD and Futures Taker CVD both exhibited taker-sell dominance.
On the daily TradingView chart, MORPHO moved past the $2.304 supply zone before encountering resistance at $2.929, which caused a pullback to $2.774 and left $2.304 as a key support level. The Relative Strength Index (RSI) reached 74.64, pushing the asset into overbought territory, while the RSI average stood at 62.44. Meanwhile, the Moving Average Convergence Divergence (MACD) indicated a bullish signal with the MACD line moving past the signal line at 0.082, and the histogram remained positive at 0.088.
A sustained hold above the $2.304 support level could preserve the breakout structure and facilitate another challenge toward the $2.929 resistance. Conversely, a failure to hold this support level could deepen the retreat as overbought conditions prompt additional profit-taking.
