Polygon (MATIC): Traders Could Be in for Pleasant Surprise After Bear Season

Polygon’s MATIC retested its near-term support last week but could not accumulate enough buy momentum to back a stable rebound. Meanwhile, the bears won the battle, triggering a 24% plunge within the past ten days.

MATIC has had its trading activities inside a megaphone setup before the bearish tendencies since mid-June. Meanwhile, the alternative token could not accumulate enough bullish strength during mid-month sessions. And that had investors selling the coin. As a result, Polygon declined by around 24% from September 13.

MATIC Bullishness

A 7.16% surge after recuperating from the $0.69 weekly low shows MATIC could witness a bullish respite. The asset’s MFI (Money Flow Index) tapered after registering outflows since the previous week. The faded sell momentum also favored the Relative Strength Index pivot, suggesting that bulls were gaining some strength.

Though Polygon’s chart looks optimistic, it doesn’t necessarily imply an impending bullish price action. On-chain indexes displayed a compelling picture. For instance, Polygon’s social volume noted a sharp surge on September 21.

That confirmed the highest 7-day social volume over the past week. Moreover, the price adopted a bullish stance since then, suggesting that the surge could have meant a ‘buy’ signal. If the contrary, the alternative token would have suffered a massive downside.

Besides the metrics highlighted above, Polygon’s velocity recorded a massive surge. That indicated a substantial activity on September 21. The platform’s growth metric pivoted to favor an upside trajectory the day before.

Also, MATIC’s weekly performance showed a recovering network growth. Optimistic network growth & massive velocity surge further backed the chance of bullish outcomes.

Therefore, MATIC could present more bullishness as we enter the weekend. And that might be the narrative if investor sentiment shifts to favor bulls. The MATIC platform’s developer activity index surged massively within the last seven days. MATIC enthusiasts might view this as an impressive signal following the previous week’s bearish bias.

The Start of MATIC’s Bullish Wave?

Substantial bullish surges often come after some pullback. MATIC matched this narrative, and the highlighted on-chain metrics confirmed the near-term bullish outlook. Though traders could change their stance, it’s noteworthy that other market facets contributed to MATIC’s performance.

MATIC could welcome a remarkable surge if the overall cryptocurrency market reviews after the latest bearish slide. That would enhance investor confidence. The opposite remains essential, where FUD might hinder all bullish actions.

Editorial credit: FellowNeko / shutterstock.com

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