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?


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Purchase MATIC with KuCoin today.

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