Polygon [MATIC] rested its short-term support last week but failed to garner enough buy pressure to support a healthy bounce.
Instead, the bulls lost the battle to the bears, leading to a 24% crash in the last 10 days.MATIC had been trading within a megaphone pattern prior to the bearish performance since mid-June.
It failed to garner enough bullish momentum towards mid-month, and investors took this as a cue to sell.As a consequence, MATIC dropped by as much as 24% from 13 September.Source: TradingViewA 7.16% uptick after recovering from a weekly low of $0.69 indicates that MATIC might already be headed for a bullish relief.
MATIC’s Money Flow Index (MFI) tapered out after recording outflows since last week. The lower sell pressure also favored an RSI pivot, indicating that the bulls were regaining some strength.Although MATIC’s chart looks bullish, it does not necessarily guarantee that its price action was on the verge of a bullish pivot.Read more on ambcrypto.com