MORPHO Rises 10% and Reclaims Key EMAs

Morpho (MORPHO) rebounded after bouncing off a support line that had held for months. The rise followed a bearish momentum amid panic after the Binance hack. The token gained 10% in a day, bounced off the $2.07 zone, and reclaimed several moving averages: price above the 50-, 100-, and 200-day exponential moving averages. Now the question is whether buyers can push the recovery to the next local high of $2.56.

Activity is increasing

In the last 24 hours, activity has increased in both spot and futures: spot volume rose 266% to $97.49 million, and futures volume increased 160% to $15.83 million. This indicates broader participation, but volume alone does not show who will maintain control—buyers or sellers. CryptoQuant data on the average order size in spot and futures also points to activity from both small and large traders; however, order size does not confirm strategic accumulation: futures activity may reflect new directional positions, hedging, or closing of already open positions.

Unlocking on November 20

The recovery occurred ahead of the planned token unlocking on November 20: according to the estimate, around $2.33 million worth of MORPHO could enter the market. If recipients transfer the unlocked tokens to exchanges, it will add pressure, but the unlocking itself does not mean the tokens will be sold.

Technical picture

The technical rebound and increased participation support the recovery attempt. Holding above the reclaimed EMA gives buyers room to test $2.56, but the market could quickly reverse if sellers return. Losing these averages would weaken the scenario and refocus on the $2.07 support. Currently, buyers have regained some positions; their next task is to hold them long enough to approach the previous local high.