MATIC’s recent freefall has broken a few supports, including the immediate supports at $0.7827, $0.7755, and $0.7736. However, technical indicators suggested that it could plummet further.
The on-balance volume also declined steadily, suggesting that the decline in trading volume contributed to easing buying pressure. In addition, Chaikin Money Flow was below zero, thus reinforcing that the bears had more influence on the market at the time of the press release. They can also serve as discounted buying opportunities, as MATIC was in an oversold area, one of many conditions that can influence a price reversal.
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