After a comfortable rise last week, Polygon’s (MATIC) daily chart turned bearish, with a 2% decline in the last 24 hours. However, MATIC was seen exiting a bullish pattern on its price chart at press time. 📉

World of Charts highlighted that MATIC was exiting from a bullish triangle pattern. AMBCrypto checked MATIC’s liquidation heatmap to anticipate potential resistance zones, particularly near $1.11. A surge in liquidation could increase selling pressure and push prices down. 📊

Analyzing metrics, MATIC’s exchange reserve was decreasing, indicating low selling pressure. However, other metrics were concerning, with MVRV ratio dipping, flat supply held by top addresses, and a decline in network activity. Technical indicators like MACD hinted at a bearish crossover, though the Money Flow Index remained above the neutral mark. 📉

MATIC’s price remained above its 20-day simple moving average, potentially acting as key support. Investors should watch for further developments to gauge the possibility of a bull rally. 🐻📈