MATIC Struggles at $0.38 Amid Lack of Volume and Catalysts

MATIC has been stuck at $0.38 for some time now, and its price action suggests it's not doing well.

The market has largely stopped caring about Polygon in the short term, which is a bearish signal.

Without a clear catalyst to boost MATIC, it's fighting gravity, and derivatives traders are showing no urgency with a neutral funding rate of 0.01%.

Technical indicators show that everything above $0.38 is resistance, and the SMA 200 at $0.69 is a particularly daunting level.