MRPH Technical Analysis: Price May Soon Support of the First Fibonacci Pivot Level of $0.46
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MRPH Technical Analysis: Price May Soon Support of the First Fibonacci Pivot Level of $0.46

June 10, 2021      Ankita Awasthi

Morpheus Network (MRPH) was established in the year 2017 to automate the global supply chain. It was developed by global teams based in Canada, Taiwan, and India. MRPH uses distributed ledger technology to represent the data digitally to its customers. It aims to provide supply chain managers with a safe and secure digital platform to manage the supply chain. The technical analysis of MRPH is as follows.

Past Performance

On Jun 2, 2021, MRPH opened at $0.90. On Jun 8, 2021, MRPH closed at $0.82. Thus, in the past week, the MRPH price has decreased by roughly 8%. In the last 24 hours, MRPH has traded between $0.77-$0.87

https://s3.tradingview.com/snapshots/m/mpvAdAV9.png

https://www.tradingview.com/x/mpvAdAV9/

Day-Ahead and Tomorrow

Currently, MRPH is trading at $0.85. The price has decreased from the day’s opening price of $0.87. Thus, the market seems bearish.

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The MACD and signal lines have entered the negative zone. However, a bullish crossover by the signal line over the MACD line has occurred. Hence, we can expect the price to rise further.

Currently, the RSI indicator is at 42%. It is constantly taking support at 40%. Thus, indicating that buying pressures are slowly mounting. Thus, the RSI oscillator is pointing towards an impending price rise.

The OBV indicator is downward sloping too. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the MRPH price.

In short, when we look at all three oscillators together, we can say that the overall market momentum seems bearish. However, intermittent price rises may occur amidst a falling trend as corrective price action.

MRPH Technical Analysis

Currently, the price is below the Fibonacci pivot point of $1.18. If the selling pressure continues, then the price may soon take support of the first Fibonacci pivot level of $0.46. Thereafter, we have to wait and watch if a temporary price rise occurs as a part of the price correction process.

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The price has tested and fallen below the 23.6% FIB retracement level of $1.18. It may soon fall below the immediate support level of $0.71. Thus, as of now, the bears seem strong. Hence, the price may continue to decline tomorrow as well.

Whereas, on a 45-min chart, the price may retest its immediate resistance level of $0.94. If the price breaks out from this level it will highlight the next resistance level which is at $1.02.

#Morpheus.Network #MRPH
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.