Despite Bepop's recent blockchain launch, MATIC, the Polygon network's native coin, is down more than 20% today.


Over the last 24 hours, MATIC has lost more than 20% of its value. The Polygon network's native coin has been underperforming since the beginning of the week and may continue to fall in the near term.


Despite Polygon's announcement a few hours ago that Bebop, a new decentralised trading platform, has launched on Polygon, the poor performance continues.


Bebop, according to Polygon, gives users an advantage in fast-moving markets by allowing them to enter or exit multiple positions simultaneously while saving money on network fees.

MATIC's decline coincides with a massive sell-off in the broader cryptocurrency market. The FTX's struggles in recent days have wiped out billions of dollars from the market.


For the first time in a month, the total cryptocurrency market cap has fallen below $900 billion, falling 10% in the last 24 hours. Bitcoin fell below the $18,000 mark, but has since recovered and is now down more than 8%.


Ether is also down more than 15% today, trading at around $1,200 per coin.

Levels to keep an eye on

Polygon has underperformed over the last 24 hours, so the MATIC/USD 4-hour chart is extremely bearish.


TradingView MATIC/USD Chart


Earlier this week, the MACD line fell below the neutral zone, indicating that the bears are in charge. If the selling pressure continues, the 14-day RSI of 31 indicates that MATIC may enter the oversold region.


MATIC is currently trading at $0.9046 per coin as of this writing. If the sell-off continues, MATIC could fall below $0.805 for the first time in three weeks.


If there is sustained selling pressure, MATIC may fall below the $0.6470 support level in the coming hours or days.

Where can I buy Polygon right now?

Binance

Binance is one of the world's largest cryptocurrency exchanges. It is better suited to more experienced investors and provides over 600 cryptocurrencies to choose from. Binance is also known for having low trading fees and a wide range of trading options for its users, including peer-to-peer trading, margin trading, and spot trading.

Purchase MATIC with Binance today.


KuCoin

Kucoin is a cryptocurrency exchange that supports over 200 different cryptocurrencies. Kucoin offers numerous services, including a built-in peer-to-peer exchange, spot and margin trading, bank-level security, and a diverse set of accepted payment methods. Users can benefit from a user-friendly interface and low fees.


Purchase MATIC with KuCoin today.

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