Is Polygon Going to Zero? MATIC Price Sinks 6% as Novel Meme Coin Rakes in $420,000 in Funding – Next PEPE or Shiba Inu?
Polygon (MATIC) crypto price has sunk -6% amid broader de-risking in markets, triggered by the conflict between Israel and Hamas - but with MATIC price trading low - is Polygon going to zero?
This comes just a week after co-founder Jaynti Kanani revealed he was leaving Polygon ahead of the highly anticipated Polygon 2.0 to explore "new adventures".
A major down-shift for Ethereum - which fell below $1,600 yesterday - could be the trigger for the latest drop.
As price action finds relief from localised retracement, MATIC is currently trading at a market price of $0.53 (representing a 24-hour change of +0.34%).
The recent -6% slide came as MATIC rejected from consolidation around $0.55 - in a tumultuous tumble that saw price crash down through the 20DMA (which stands at $0.53).
When MATIC last fell below this moving average support, the 20DMA created a 66-day long period of upside resistance - highlighting the significance of the recent return below the MA.
As for the 200DMA - a level untouched by Polygon since April 30 - it remains high above ongoing price action at $0.76.
Polygon's indicators surprisingly remain bullish despite the downside move.
The RSI has cooled-off during the -6% drop, flipping from bearish divergence to a bullish 45.7 - which reflects the now over-sold sentiment surrounding MATIC.
While the MACD maintains minor bullish divergence at 0.0009 - signalling appetite for MATIC at these levels.
Overall, Polygon appears weak here, more than a week of consolidation above the 20DMA failed to crack upside resistance at $0.60 - and with price now stuck back below the moving average - further downside seems likely.
This leaves MATIC with an upside target at $0.60 (a possible +13.64%).
While downside risk could see MATIC
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