MATIC dips by 20% despite Bepop’s Polygon adoption

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

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Disclaimer

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