What to Expect From Morpho Price as Standard Chartered Forecasts 2,900% Rally

Morpho (MORPHO) price is up by 13% today, July 1, to trade at $2.11 at the time of writing. The gains come after Standard Chartered forecast that Morpho could reach $60 by 2030.

Standard Chartered’s forecast has also led to Morpho’s open interest rising by 33% to $40 million at press time, per Coinglass data, while derivatives trading volumes had jumped by 155%.

Standard Chartered Initiates Morpho Coverage with $60 Price Target

Analyst Geoff Kendrick from Standard says that the price of Morpho will rise by 2,900% and reach $60 by 2030.

In a note to clients, Kendrick opined that Morpho is well positioned to dominate two fast-rising sectors in Web3: decentralized finance (DeFi) and tokenization.

“Given its status as one of the largest DeFi lending protocols and its comfortable financial position, we think Morpho can scale to meet the expanding base of assets deployed in DeFi,” Kendrick said.

Data from DeFiLlama shows that Morpho currently ranks as the third-largest DeFi protocol after Lido and Aave, with a total value locked (TVL) of $6.52 billion.

Kendrick says that this TVL could increase by 37 times by 2030 from the current $6.52 billion and reach $241 billion by 2030. The analyst had earlier said that Ethereum would also outperform Bitcoin because of the growth of the DeFi industry.

Standard Chartered’s bullish outlook towards Morpho price comes as Wall Street banks slash their targets towards Bitcoin and Ethereum.

CoinGape reported that Citigroup forecasts that Bitcoin price slashed its target on Bitcoin from $112,000 to $82,000, while Ethereum’s target was slashed from $3,175 to $2,240.

What to Expect From Morpho Price in the Near Term

As Standard Chartered forecasts that the price of Morpho will reach $60, the short-term outlook also paints a bullish picture because the token has created a double-bottom pattern.

Morpho price created the first bottom on June 6 when it dropped to $1.58. It tested this support of $1.58 again on June 23 and created a second bottom.

The neckline resistance of this double bottom pattern is at $2.17, and the price of Morpho tested this obstacle on July 1 after the bullish forecast by Standard Chartered.

If Morpho can move above $2.17 and make three straight daily closes above this line, it could rise by 37% and reach $2.98.

The RSI reading at 63 suggests that the momentum is favoring bulls. That could draw in more buyers that might push the price to the target of the double bottom pattern at $2.98.

However, the ADX line that is dropping suggests that the upward trend that saw MORPHO price reach the double bottom’s neckline resistance of $2.17 is weak, and the move to $2.98 might not happen in the near term if buying pressure weakens.

Still, Morpho continues to benefit from new exchange listings after CoinGape reported that Upbit listed MORPHO on June 29, with such listings increasing the token’s volumes that may in turn aid a strong uptrend.

Morpho Token Derivatives Market Analysis

Data from Coinglass shows that the demand for Morpho by derivatives traders has increased because the open interest has increased by 33% to $40 million. This open interest stood at $28 million on June 24.

However, the long/short ratio of 0.97 shows that there are still more short sellers than long buyers, suggesting that traders are skeptical that the buy-side pressure that has emerged after Standard Chartered forecast that Morpho price will reach $60 will last.