🚨Polygon (MATIC) struggles to keep up with crypto market's bullish momentum

✅As the crypto market experiences a spectacular rebound, Polygon (MATIC) seems to be lagging behind. Despite its established position in the top 20, the native token of the layer 2 blockchain faces challenges that are slowing its progress.

🚨A mixed performance for MATIC

✅The past week has been a mixed one for Polygon . On July 16, MATIC briefly hit $0.55, but failed to break through that threshold for long. The price then dropped back to $0.52 before stabilizing around $0.5451. This volatility contrasts with the bullish trend seen on other altcoins.

✅The Global In/Out of the Money (GIOM) indicator reveals a worrying situation for investors. Until July 9, no holder of the native Polygon crypto was in positive territory. Despite a slight rebound, only 5% of investors, those who bought between $0.0032 and $0.52 are currently profitable.

✅This stagnation comes after a record performance in March, followed by a sharp drop to $0.48 last week. Such a decline raises questions about MATIC's ability to rebound in the current environment.

🚨Uncertain outlook for Polygon

✅Technical analysis does not suggest an immediate upturn for MATIC . On July 5, the price tested a historical support at $0.47, before rising to $0.54 a week later. However, the Money Flow Index (MFI) indicates a lack of liquidity directed towards MATIC, making it unlikely that the price will break above $0.57 in the short term.

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