polygon [MATIC] A break from short-term support last week failed to muster enough buying pressure to support a healthy rally. led to a decline.
MATIC was trading within a megaphone pattern prior to its bearish performance since mid-June. Investors saw this as a signal to sell, failing to gain enough bullish momentum heading into the middle of the month.
As a result, MATIC has fallen 24% since September 13th.
The 7.16% gain after recovering from the weekly low of $0.69 suggests that MATIC may already be headed for bullish relief. Matic’s Money Flow Index (MFI) has tapered off after recording outflows from last week. Declining selling pressure has also helped the RSI pivot, suggesting that the bulls have regained some bullishness.
MATIC’s chart looks bullish, but that doesn’t necessarily guarantee that price action was on the verge of a bullish pivot. On-chain metrics provided a compelling outlook. For example, on September 21st he found that his volume on MATIC’s social skyrocketed. This marked the highest weekly social volume in the last seven days.
Moreover, the price has adopted a bullish performance since then, indicating that the spike may have been a buy signal. increase.
In addition to the above metrics, MATIC’s speed also skyrocketed. This confirms that there was significant activity on September 21st. The network’s growth metrics took an upward trajectory just one day ago. Overall weekly performance also shows that network growth is recovering.
Definite network growth and a significant increase in velocity further confirmed the possibility of a bullish outcome. Alternatively, this could be the case if investor sentiment shifts in favor of the bulls.
The developer activity metric for the Polygon network has increased significantly over the last 7 days. MATIC investors may therefore see this as a healthy sign from a particularly bearish week.
Is this the beginning of MATIC’s next bullish wave?
The best time for a significant bullish rally is often after a bit of a pullback. MATIC fits this criteria, and the aforementioned on-chain indicators have further shattered a bullish short-term outlook.While investors may change their outlook, other market factors may also affect his MATIC performance. It is worth noting that the influence of
After recent bearish performance, MATIC could deliver a healthy rally if the rest of the crypto market recovers. Such results would increase investor confidence. The opposite is also likely, with the prevalence of FUD potentially dampening all bullish expectations.
https://ambcrypto.com/polygon-traders-may-be-in-for-a-pleasant-surprise-after-matics-bear-seasons Polygon traders may be in for a pleasant surprise after MATIC’s bear season
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