While polygon’s effort highlight its efforts at facilitating mass adoption and exodus to blockchain, its native token is also at a pivotal point. MATIC has been quite bearish over the last few weeks
and entertainment. This development underscores Polygon’s effort towards facilitating blockchain mass adoption.While Polygon’s efforts highlight a move toward facilitating mass adoption and exodus to the blockchain, its native token also stood at a pivotal point. MATIC has been quite bearish over the last few weeks and it recently dipped below its June 2023 lows. In other words, it now has a new YTD low of $0.49 achieved on Monday .
Additionally, MATIC’s price action notably dipped into oversold territory during its recent lows, albeit briefly. It has since bounced back to a $0.51 press time price level, indicating that there was some accumulation which is reflected in its Money Flow Index ’s upside. This was the case with the Relative Strength Index’s pivot as well.
MATIC’s price action also showed some divergence between the current price lows and the MFI and RSI lows. Both the MFI and RSI had higher lows than they did at their lowest point in August. This divergence could signify that the token was shifting toward a short-term bullish outlook.The bullish outlook was more plausible considering that MATIC’s mean coin age metric recently pivoted. This was after maintaining a downward streak that ended on 4 September.
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