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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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.