Foreign media reported that, following a daily rise of approximately 10%, the Morpho token MORPHO reached around $1.93, with its 24-hour trading volume increasing to $34.51 million. The article suggested that this rebound stems not only from a recovery off lows but also from improved trading activity, as the market begins to refocus on whether it can break above the $2 resistance level.
Buy and sell pressure in the spot market is becoming balanced.
Looking at spot order flow, the 90-day Spot Taker CVD has shifted from a previously seller-biased position back toward a more neutral level. This indicates that the aggressive selling pressure that previously suppressed prices is weakening, and the imbalance between buy and sell pressure is narrowing.
The article notes that this shift has resulted in less selling pressure on MORPHO during this rally compared to previous rebounds. As trading interest on both sides recovers, conditions for short-term price stabilization have improved, and market sentiment is increasingly influencing future price movements.
$2.07 is a key short-term level
From a price structure perspective, MORPHO previously found support near $1.647, then rebounded to the midpoint of the range and is now approaching the resistance level at $2.07 on the chart. The article notes that the RSI has risen from near oversold territory to 49.24, compared to a moving average value of 45.99, indicating a significant weakening of bearish pressure compared to earlier levels.
However, the RSI has not yet risen above 50, indicating that while buying pressure has recovered, it is not yet sufficient to confirm a larger trend reversal. If the price breaks through and holds above $2.07, the next major resistance above may be at $2.413; if it encounters resistance again, the price may return to oscillate near the previous support zone.
Funding rate remains negative, but short-selling pressure has eased.
Data from the derivatives market also shows marginal improvement. The funding rate, weighted by open interest, remains negative at approximately -0.0013%, indicating that short positions still hold a slight advantage.
However, compared to the deeper negative values in early June, this indicator has improved. The article suggests this reflects traders gradually reducing their short positions during the price rebound; although overall sentiment remains cautious, the drag from the derivatives market on prices is easing.
Overall, Morpho’s recent rebound has been accompanied by increased trading volume, improved order flow, and restored market sentiment. Foreign media consider $2.07 to be the key short-term level to watch; if broken successfully, the price may continue to rise, but if it fails to hold, the trend is likely to remain range-bound.