MATIC Price Plummets as Institutional Investors Abandon Ship

Polygon's (MATIC) price has been stuck at $0.38 for some time, and every moving average above this level is acting as resistance.

The Moving Averages (SMA) of 20, 50, and 200 are all higher than the current price, indicating a downtrend.

Momentum indicators such as RSI, MACD, and Bollinger %B also confirm the bearish structure, with no signs of a reversal signal.

However, there is one technical feature that suggests a possible short-term mean-reversion: the Stochastic oscillator has reached oversold territory.

The 24-hour spot volume on Binance is just $1.07 million, indicating institutional abandonment and a lack of price discovery.

The derivatives market also shows apathy, with a funding rate of 0.01% per 8-hour period.