MATIC’s Response to the Polygon News May Be Delayed

MATIC responds to Polygon news

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.

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Chi Do
Chi Do
Chi Do is a content writer at CoinMinutes, responsible for creating most of the content on the website, including news related to Bitcoin (BTC), Ethereum (ETH), Blockchain, Decentralized Finance (DeFi), and more. With a keen interest in cryptocurrencies since the 2020s, Chi has acquired extensive experience and knowledge in this field. Chi holds a Bachelor's degree in communication from Academy of Journalism and Communication in Vietnam.

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