Morpho Surges 8% on Coinbase Listing, Eyes $2.30 Resistance

Morpho's price has surged by 8% to reach $2.18, following Coinbase's announcement of support for the cryptocurrency on the Ethereum (ERC-20 token) and Base networks. This development has sparked optimism among investors, with some speculating that Morpho could break through the $2.30 resistance level. Despite the volatile crypto market, Morpho's bullish momentum has been evident, with the recent price rally indicating strong investor interest.

Coinbase's listing of Morpho on its spot exchange has been a significant catalyst for the cryptocurrency's price surge. The exchange has announced that it will launch the MORPHO-USD trading pair in phases once a sufficient supply of Morpho is established. However, it is important to note that support for MORPHO may be restricted in some supported jurisdictions.

Analysts have identified key resistance levels for Morpho at $2.30, which aligns with the 200-day moving average. If Morpho's price manages to breach this level, it could pave the way for a substantial leg upward. Conversely, a failure to maintain its current position may result in the price retesting critical support levels at $2.13, aligning with the 50-day moving average.

Market momentum and broader sentiment will play a crucial role in determining Morpho's price trajectory. If bullish momentum continues to build, the token could attempt to retest the $2.30 resistance key. Overcoming this resistance level could trigger a stronger rally, potentially extending toward $2.44 or even $2.80. However, sustaining this momentum will depend on broader market sentiment and the ability of support levels to hold.

Technical indicators, such as the RSI and MACD, suggest a neutral-to-bullish outlook for Morpho. The RSI reading at 54 indicates room for upward momentum, while the MACD upholds a buy signal, with the blue MACD line crossing above the orange signal line. On-chain metrics, such as open interest and trading volume, also support a potential upward trajectory in the Morpho market, with increased market activity suggesting that new money is flowing into the market.

As Morpho continues to gain traction in the crypto market, investors and traders should closely monitor price action near the $2.30 zone. A decisive breakout