The past month hasn’t been easy for Polygon (MATIC), especially in terms of its price. But there’s a glimmer of hope as MATIC showed some positive movement in the last seven days.
At the moment, MATIC is valued at $0.522, up by 0.34% in the last 24 hours and 0.39% in the past week. PolygonLabs also made a big announcement that Google Cloud joined the decentralized validator set for the Polygon PoS.
How did MATIC respond? Currently, it’s trading 0.84% higher than its opening price, showing a positive reaction. The RSI and MACD indicators support this, indicating increased buying momentum.
However, MATIC’s Money Flow Index (MFI) tells a different story, suggesting a potential downside. Santiment’s data is also not entirely bullish, with the weighted sentiment struggling to recover despite some improvement in social dominance.
Surprisingly, despite the positive news, MATIC’s long/short ratio is at 0.9689, indicating more short positions than long positions. While this ratio could change, the risk of holders shorting the altcoin to secure profits remains.
