MATIC’s last 80 days have this to say about the crypto’s fortunes

ambcrypto.com:

Traders and investors holding on to Polygon [MATIC] may have spotted a 10% uptick in price over the last 24 hours. In doing so, they may have assumed that a bullish run was underway. Unfortunately, they would be wrong.

With an index price of $0.3637, the crypto has dropped back to its April 2021 levels. With the MACD poised for a bearish run, the three month-long decline in price might be far from over.

Source: Santiment

Struggling to keep the bears at bay, the Relative Strength Index (RSI) and the Money Flow Index (MFI) have been stationed below 50 for three months. Within that period, the RSI went as low as 22 on 12 May. The MFI also touched a low of 13 on 11 April. At press time, the RSI and MFI were deeply oversold at 31 and 18, respectively. 

While the latest uptick in the price of MATIC might give investors a false sense of recovery, it is trite to point out that recovery is still far from sight. Looking at the 50 EMA showed the EMA line resting comfortably above the price.

This is indicative of a bearish bias. Also, implying a renewed bear run, the MACD line on 12 June intersected the trendline in a downward curve.  

Source: TradingView

The position of the exchange flow balance metric for MATIC lent credence to its bearish outlook. With a reading of -13.74 million at press time, a price drop down seemed imminent.

Source: Santiment

A review of MATIC’s on-chain performance over the last three months revealed a decline in the number of new addresses created on the network daily.

After registering a high of 3357 on 12 May, the network’s growth took on a downtrend. At the time of writing, it had recorded a 50% drop to be pegged at 1,672 new addresses. 

Source: Santiment

Whale accumulation of the altcoin has embarked on a steady