MORPHO/USDT: Eyes on the Next Fib Levels
Updated
Currently, MORPHO is trading at $2.79, sandwiched between the 0.65 and 0.618 Fibonacci levels. This zone, often called the "Golden Pocket," is a key area where buyers typically step in, indicating potential accumulation. 🔑
📊 Key Levels to Watch:
0.786 Fib: Sitting at $3.1484, this is the next immediate resistance. A break above it could confirm bullish continuation.
Fib 1 at $3.6859: Expect some consolidation here before pushing higher.
Target: Eyes on $4.4, halfway to the 1.618 Fib, which aligns with the resistance of the ascending channel. 🚀
💡 Game Plan:
Bullish Scenario: Break above $3.1484 and target $4.4 in the coming weeks. A retest of Fib 1 ($3.6859) could provide an ideal re-entry.
Bearish Scenario: Failure to hold the current golden pocket zone might result in a pullback to lower Fib levels.
🌐 Fundamental Strength:
Morpho is a decentralized lending protocol on Ethereum, focused on direct peer-to-peer lending. With only 16.58% of its 1 billion token supply in circulation, there’s significant room for growth driven by platform utility and adoption. Its robust audits and efficient design make it a key player in the DeFi space.
What’s your take? Will we take bullish elevator or will be waiting for the pocket to crack? 💭
📊 Key Levels to Watch:
0.786 Fib: Sitting at $3.1484, this is the next immediate resistance. A break above it could confirm bullish continuation.
Fib 1 at $3.6859: Expect some consolidation here before pushing higher.
Target: Eyes on $4.4, halfway to the 1.618 Fib, which aligns with the resistance of the ascending channel. 🚀
💡 Game Plan:
Bullish Scenario: Break above $3.1484 and target $4.4 in the coming weeks. A retest of Fib 1 ($3.6859) could provide an ideal re-entry.
Bearish Scenario: Failure to hold the current golden pocket zone might result in a pullback to lower Fib levels.
🌐 Fundamental Strength:
Morpho is a decentralized lending protocol on Ethereum, focused on direct peer-to-peer lending. With only 16.58% of its 1 billion token supply in circulation, there’s significant room for growth driven by platform utility and adoption. Its robust audits and efficient design make it a key player in the DeFi space.
What’s your take? Will we take bullish elevator or will be waiting for the pocket to crack? 💭
Note
Morpho broke 0.5 fib and is slowly recovering. Expecting some serious move once it breaks 0.5 fib.Trade active
I’m looking into a long position on MORPHO, targeting the 1.618 Fibonacci level for a potential move higher.
📉 Key Levels:
Entry Zone: Around the 0.5 Fib level.
Stop Loss: Positioned at the 0.236 Fib level for risk management.
Target: Aiming for the 1.618 Fib level.
The current structure suggests a good risk-to-reward ratio setup.
If the price reacts well at the 0.5 Fib, it could signal a strong push towards the higher Fib levels.
Let’s see how it plays out! 📊
Note
Long legged DOJI spotted at 1HR timeframe, this Doji usually acts as strong resistance and support levels. In theory, the breakout of the high of Doji candlestick will generate a bullish trend. Well, let's see!
Trade closed manually
Ok, that was actually a WILD move! Closing 80% of my position.
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