Mick McCarthy's side have collected eight points from the last four games to revive their hopes of staying up.
Morgan believes it will probably take more than 40 points to survive but is optimistic Wolves will achieve that goal.
"The guys are playing really well now and I feel really confident we won't be where we are now at the end of the season," he said. "I'm delighted with the way everything is coming together.
"The spirit is good and I think we're playing as well, if not better, than anybody else in the bottom half of the league.
"But we've just got to keep it going because there are eight more cup finals to go. It's unbelievable how tight it is down there. We know 40 points probably isn't going to do it this year. There's no saying what will do it this year."
Source: PA
Source: PA