Is Polygon Price Going to Zero? MATIC Drops 15% as This Novel Mining Project Secures $4.3 Million in Funding

cryptonews.com:

Leading layer-2 solution Polygon has tumbled in recent days, with MATIC price dropping -15%, and with some panicked bag-holders asking ‘Is Polygon price going to zero?’ – lets dig in.

This comes following the breaking news that the emerging Swiss crypto city of Lugano (led by Tether CEO Paolo Ardoino) has integrated Polygon infrastructure for its stablecoin.

A blockchain-based Internet.@RebeccaRettig1 discussing the vision of Polygon 2.0 on @CNBC: pic.twitter.com/3kBMJtUA56

— Polygon (Labs) (@0xPolygonLabs) November 20, 2023

And with market excitement significant ahead of an anticipated Polygon 2.0, market sentiment remains high – despite the ongoing retracement price action.

As Polygon price fights to gain a foothold following retracement, MATIC is currently trading at a market price of $0.7725 (representing a 24-hour change of -0.01%).

This comes after price tumbled back below vital rally support from the 20DMA (currently sat at $0.81) on November 21 in a dramatic downside move that has left Polygon price reeling.

Lower support offered at the $0.71 price level appears to have temporarily halted the downside, but now sat below a ceiling of upside resistance from the 20DMA, MATIC is facing potential consolidation at ongoing levels.

The 200DMA offers further lower support at $0.67, adding further lifeline support in the event of another downtick in Polygon price.

However, in a bullish twist, the recent price tumble has seen the RSI indicator flip to bullish signalling – with a current reading of 51 – suggesting upside could resume from here.

This is dampened by contrast from the MACD, which showcases minor bearish divergence at -0.0192, in a reflection of declining momentum.

Overall, Polygon price looks well-defended at these