Morpho rose 5% over the past two hours, reaching $2.15 per token, following the launch of a new yield-generating service by Bitso that uses the DeFi protocol’s infrastructure.
According to the latest CoinMarketCap data, trading volume increased by 12% to approximately $20 million, while MORPHO’s market capitalization exceeds $1.15 billion.
Bitso launched Bóvedas, a product that allows users to earn onchain yields on USDC and MXNB through Morpho vaults curated by Gauntlet. The integration provides direct access to decentralized lending markets through the Bitso app.
The token’s recovery follows a decline toward the $2 support zone, a level from which it had previously rebounded in September.
However, the token still faces significant resistance at $2.30. That area previously acted as support but was broken during October and could now limit further gains.
A move above $2.30 would improve the prospects for a short-term recovery. If the price fails to break through that barrier, technical analysis suggests a possible correction toward $1.89, while a drop below $1.80 would further weaken its technical structure.
Source: https://coinmarketcap.com/currencies/morpho/
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