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Whale transfers from Morpho -tokens combined with spikes in consumed age showed previously inactive tokens, probably for sale, and a price dip to $ 2 was possible.
Morpho [MORPHO] has been gradually higher since April. The Altcoin rose by 154% in five months, but was still 48% below his all time high from $ 4.17, who had achieved it in January.
Source: Santiment
Santiment data showed that $ 2 million to Morpho was sent to the centralized litter in the last 24 hours. This represented 0.3% of the market capitalization of the Active, which was $ 723 million at the time of writing.
In general, token transfers to exchanges indicate threatening sales pressure. Should Morho investors be worried about a pricebackback?
Ambcrypto discovered that the statistics on the chains reflected healthy levels of activity, but also came a warning letter.
Morpho -accumulation will resume in September
The above delivery distribution map showed that sharks and whales with 10k-1M Morpho-Tokens had sold from mid-July to mid-August.
During this monthly contraction in the offer that this cohort kept, other parties of Morpho holders continued to grow in number.
This showed a steady purchasing pressure from shrimp to whale morpho portfolios, which was an encouraging sight for long-term investors.
The network activity meters have been at relatively healthy levels in the past three months. The daily active addresses jumped higher in July and have retained that jump as a basic line in the following months.
Network growth, which records the number of new addresses on the network every day on the network, was also on relatively healthy figures for the past six months.
Together these statistics showed that network activity continued to exist quickly, regardless of price volatility.
However, the average consumers of the currency and the age were closely linked to the age of Morpho tokens that were held in portfolios. The average currency age had no strong trend in the past two weeks.
Moreover, the age metric saw sporadic, sharp spikes since 22 August. This showed that a large number of earlier inactive tokens were moved, probably for sales purposes.
In the past three days, the consumed age saw another wave of Upticks and agreed with the initial idea that Morpho could see the sales pressure in the short term.
Since the price is attracted to liquidity, the Liquidation Warmap can help understand where the next main prize objectives for Morpho were. The heat of the 1-month lookback period revealed a strong magnetic zone at $ 2.23 overhead.
In the south, the psychological support of $ 2 was also a remarkable liquidity pocket. That is why the $ 2 must offer an attractive buying option in the case of a sale.
In the meantime, a movement above $ 2.23- $ 2.28 would indicate bullish force.