【Old Leek’s Market Watch】
$MORPHO
The key story with Morpho isn’t just growth in lending protocols; it’s that institutional-grade on-chain credit is starting to find broader applications.
In September, Coinbase launched fixed-rate crypto-backed loans powered by Morpho Midnight, allowing users to borrow USDC against BTC. Coinbase’s floating-rate loans, previously offered through Morpho, have surpassed $1.4B in active loan balances, backed by approximately $3B in collateral.
On-chain data is also growing. As of October 9, Morpho’s total deposits were about $16.66B, up 12.9% over 30 days; outstanding loans were about $5.73B, up 16.3% over 30 days.
But protocol growth doesn’t guarantee the token will rise. MORPHO has recently pulled back from around $2.75, and the short-term price action still needs confirmation.
I’m more focused on whether it can reclaim and hold above $2.50 after the pullback. I’d wait for buying pressure to return before considering an entry—no rush to catch a falling knife.
Entry: $2.38–$2.45 (after it finds support and confirms with increased volume)
Take profit: $2.58 / $2.70 / $2.82 / $2.95 / $3.10
Stop loss: $2.28
$MORPHO
The key story with Morpho isn’t just growth in lending protocols; it’s that institutional-grade on-chain credit is starting to find broader applications.
In September, Coinbase launched fixed-rate crypto-backed loans powered by Morpho Midnight, allowing users to borrow USDC against BTC. Coinbase’s floating-rate loans, previously offered through Morpho, have surpassed $1.4B in active loan balances, backed by approximately $3B in collateral.
On-chain data is also growing. As of October 9, Morpho’s total deposits were about $16.66B, up 12.9% over 30 days; outstanding loans were about $5.73B, up 16.3% over 30 days.
But protocol growth doesn’t guarantee the token will rise. MORPHO has recently pulled back from around $2.75, and the short-term price action still needs confirmation.
I’m more focused on whether it can reclaim and hold above $2.50 after the pullback. I’d wait for buying pressure to return before considering an entry—no rush to catch a falling knife.
Entry: $2.38–$2.45 (after it finds support and confirms with increased volume)
Take profit: $2.58 / $2.70 / $2.82 / $2.95 / $3.10
Stop loss: $2.28