A strategic partnership that Polygon has inked will allow it to assist with blockchain development in Africa.

The Polygon ecosystem's native coin, MATIC, has decreased by about 2% during the past 24 hours. At the time of publication, the cost of Polygon was $0.7919, a decrease of more than 15% over the previous week.

Despite Polygon establishing a strategic alliance with CV Labs, MATIC has performed poorly.

Through the agreement, Polygon will be able to reach a wider audience and contribute to an equitable and resilient digital future for Africa. The burden of assisting African businesses in gaining access to resources and investment would fall to Polygon. Consequently, the startups are able to grow their companies and add employees.

Currently, the overall crypto market is underperforming as well. The overall value of the cryptocurrency market is currently $780 billion, down 2% so far today. The price of Bitcoin, the most popular cryptocurrency in the world, has decreased during the past day by almost 2%. For the first time this year, the price of one bitcoin has fallen below the $16,000 mark, and it is now worth $15,734 per coin.

levels to watch out for

The 4-hour MATIC/USD chart is bearish because Polygon has been performing poorly lately. According to the technical indicators, MATIC is outperforming the overall market.

If the bears continue to dominate the market, MATIC might soon enter the oversold territory, according to the 14-day RSI of 36. A week ago, the MACD line entered the negative territory and hasn't left.

If the downward trend keeps up, MATIC may close the day below the first significant support level at 0.7427. If the market as a whole continues to perform poorly, MATIC may fall for the first time in months below the $0.700 support level.