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Morpho token drops 20% in a month but holds key support above $2.12, signaling a correction not a reversal.

Technical Signals
28 Oct 2026, 09:40 WIB
CryptoTicker
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Neutral
Morpho token drops 20% in a month but holds key support above $2.12, signaling a correction not a reversal.

Morpho's token price fell about 20% over the past month, trading at $2.20, just above its 200-day moving average of $2.12, which has acted as strong support since July. Despite the recent decline, the long-term trend remains intact as the price has not closed below this average for two consecutive weeks. Trading volume decreased during the drop, indicating a lack of forced selling and suggesting buyers are merely cautious. The medium-term momentum is weak, with the price below the 50-day average and an RSI of 37.4, signaling market fatigue rather than a rebound. Investors should watch for two weekly closes below $2.12 to confirm a trend reversal. The token's value depends on the growth of its lending protocol on Ethereum and supply unlocks, with 53% of tokens circulating and 47% yet to be released. Given the thin liquidity and supply risks, buying now requires careful timing and consideration of market conditions.

Morpho's market cap on Pluang stands at Rp21.49 trillion as of Oct 28, 2026, 13:51 WIB, with 54% of its total supply circulating. The token shows a positive 1-day change of 1.92%, and trading volume is moderate at Rp298.13 million. On Pluang, buying interest is higher than selling at 61% versus 39%, with a typical hold time of 17 days, indicating steady investor engagement despite recent price weakness noted in the article.

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