MATIC dips by 2% today despite Polygon’s partnership with CV Labs

Polygon has signed a strategic partnership that would see it help with blockchain development in Africa.

MATIC, the native coin of the Polygon ecosystem, is down by roughly 2% in the last 24 hours. At press time, the price of Polygon stands at $0.7919, down by more than 15% over the past seven days.

MATIC’s poor performance comes despite Polygon announcing a strategic partnership with CV Labs.

Africa is ready for a technological revolution 🚀🚀@CV_Labs partners with #Polygon to support the development of blockchain technology on the African continent. 🤝

👉 https://t.co/oHuXG9D8Cl pic.twitter.com/YYAgdil4iV

— Polygon – MATIC 💜 (@0xPolygon) November 21, 2022

The partnership is set to help expand Polygon’s reach and contribute to a more digitally robust and inclusive future for Africa. Polygon would be tasked with helping African startups gain access to resources and funding. Thus, enabling the startups to scale their businesses and create jobs.

The broader crypto market is also underperforming at the moment. The total crypto market cap stands around $780 billion, down by 2% so far today. Bitcoin, the world’s leading cryptocurrency, is also down by nearly 2% over the last 24 hours. The Bitcoin price has declined below the $16k level for the first time this year and is now trading at $15,734 per coin.

Key levels to watch

The MATIC/USD 4-hour chart is bearish, as Polygon has been underperforming over the past few days. The technical indicators show that MATIC is performing better than the broader market.

The 14-day RSI of 36 shows that MATIC could enter the oversold region soon if the bears continue to control the market. The MACD line dropped into the negative zone a week ago and has remained there.

If the bearish trend continues, MATIC could dip below the first major support level at 0.7427 before the end of the day. In the event of an extended poor performance from the broader market, MATIC could drop below the $0.700 support level for the first time in months. 

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