Crypto
Polygon Drops 12% Amid Intense Selling Pressure
Polygon's price has dropped by 12.3% over the past day, falling to $0.108 after breaching its $0.11 support level.
This decline comes on the heels of a strong uptrend that collapsed at $0.12, with the altcoin's trading volume dropping by 34% to $157 million.
The intense selling pressure has been attributed to most investors turning from buying to selling after the price surge on August 25th, which was driven by exchange outflows surging 690%.
Despite this, the bulls are still holding strong, with Polygon's Relative Strength Index (RSI) forming a bearish crossover but remaining in a bullish zone.