10h00
3
min reading by
Eddy S.
In the volatile world of crypto, Polygon’s MATIC token has recently made headlines for a concerning reason: an overwhelming 92.91% of MATIC addresses are currently short. This means that the value of their holdings is now less than their purchase price!
Polygon (MATIC) is falling! The data is alarming
Polygon (MATIC) is down 0.22% in the last 24 hours and 92% of addresses are out of money. This alarming situation has been exacerbated by the token dropping to a nine-month low! This is causing concern among crypto investors and traders. MATIC’s price is currently below the 50-period and 200-period moving averages. Typically, this is a sign of a short-term bearish trend. The bearish pressure is palpable, but could we see a trend reversal soon?
A reversal of fortunes underway for crypto?
The Moving Average Convergence Divergence (MACD) seems to indicate that a bullish crossover could be imminent, despite current bearish momentum. Furthermore, consolidation around current price levels, combined with a potential bullish crossover in the MACD, suggests that crypto buyers could slowly gain strength. This could be the key to regenerating bullish strength in the altcoin market.
Despite the bear dominance in the crypto market, exchange inflow volumes have seen major spikes! A typical indicator of selling pressure as investors move their tokens to exchanges, possibly to sell. However, MATIC’s recent trends reveal a steady downward trend in inflows, meaning that immediate selling pressure may be waning. For a bullish reversal to gain momentum, market sentiment requires a massive bullish trigger, whether it be network-related or broader economic trends.
Finally, while MATIC’s current situation may seem bleak, technical indicators and exchange activity offer a ray of hope for a potential bullish reversal. Crypto investors and traders should remain vigilant and closely monitor these developments to navigate these turbulent waters with caution.
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Eddy S.
The world is evolving and adaptation is the best weapon to survive in this undulating universe. Basically a crypto community manager, I am interested in everything directly or indirectly related to blockchain and its derivatives. In order to share my experience and raise awareness of a field that fascinates me, there is nothing better than writing articles that are informative and relaxed at the same time.
DISCLAIMER
The comments and opinions expressed in this article are those of the author alone, and should not be considered investment advice. Do your own research before making any investment decisions.
