MATIC, the native coin of the Polygon network, is down by more than 20% today despite Bepop’s recent launch on the blockchain.
MATIC has lost more than 20% of its value over the last 24 hours. The native coin of the Polygon network has been underperforming since the start of the week and could experience further sell-off in the near term.
The poor performance comes despite Polygon announcing a few hours ago that Bebop, a new decentralised trading platform, has launched on Polygon.
According to Polygon, Bebop gives users an advantage in fast-moving markets by allowing them to enter or exit multiple positions at once while saving money on network fees.
MATIC’s plunge comes as the broader cryptocurrency market experienced a massive sell-off. The FTX struggles over the last couple of days have wiped out billions of dollars from the market.
The total cryptocurrency market cap is below $900 billion for the first time in a month, down by 10% in the last 24 hours. Bitcoin dropped below the $18k level but has slightly bounced back and is down by more than 8% today.
Ether is also down by more than 15% today and is now trading around $1,200 per coin.
Key levels to watch
The MATIC/USD 4-hour chart is extremely bearish, as Polygon has been underperforming over the last 24 hours.
MATIC/USD Chart By TradingView
The MACD line dipped below the neutral zone earlier this week, indicating that the bears are currently in control. The 14-day RSI of 31 shows that MATIC could enter the oversold region if the selling pressure continues.
At press time, MATIC is trading at $0.9046 per coin. If the sell-off continues, MATIC could drop toward the $0.805 support level for the first time in three weeks.
In the event of an extended selling pressure, MATIC could drop below the $0.6470 support level over the coming hours or days.
Where to buy Polygon now
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Buy MATIC with eToro today
Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.
Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
Buy MATIC with Bitstamp today
The post Will MATIC rally higher after Bepop launches its trading features on Polygon? appeared first on CoinJournal.
