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    Polygon Launching Bebop Could Benefit the MATIC Thrust

    TheMorningCrypto Desk
    TheMorningCrypto Desk
    Published on November 10, 2022 6:36 PM

    Updated on January 9, 2023 12:50 PM

    Matic shines bright despite the market collapse. The recent partnerships boosted the Polygon network recovering the price downshift in 24 hours.
    Polygon Launching Bebop Could Benefit the MATIC Thrust
    Source: unsplash

    Polygon again tied up in a partnership with Wintermute-backed DEX Bebop to accelerate its development activity during this market crash.

    Bebop, a decentralized exchange (DEX) launched on Polygon by crypto trading startup Wintermute.

    Compared to other DEXs, Bebop may trade a basket of tokens in a single transaction, a feature the project refers to as "one-to-many" and "many-to-one" trading.

    Bebop, developed by Wintermute, a primary digital asset market creator, offers to exchange one token for a portfolio of tokens or many distinct tokens for just one, all in a single transaction. Bebop has arrived at Polygon after debuting for a restricted number of safelist users on Ethereum in June and amassing a queue of over 30,000 applicants.

    Polygon (MATIC) Market Analysis

    The crypto market has been volatile in the previous two days, with numerous altcoins, like Polygon (MATIC), fighting for survival. Polygon (MATIC) has outperformed Bitcoin in recent weeks (BTC). Most cryptocurrencies are trending higher, with several producing gains of more than 200%, including Polygon (MATIC) rebounding from a region of $1.3, with many anticipating a favourable price action to a part of $1.5. Nonetheless, the crypto market's uncertainties cut these aspirations short.

    The price fell shortly after the market crash but soon recovered in 24-Hr after retreating from support ($0.785) to jump up more than 30%.

    If the price of MATIC remains above the $0.75 support level on the daily timeframe, the price might quickly rebound; however, if the price closes below this level, it will be difficult to climb higher.

    MATIC's price is trading above $1 ($1.0881 at the press time) on a daily chart, indicating that MATIC has a better possibility of rising upwards to the $1.307 zone as the market continues to rebound in the coming days.

     

    If the price of MATIC remains above the $0.75 support level on the daily timeframe, the price might quickly rebound; however, if the price closes below this level, it will be difficult to climb higher.

    In the meantime, the transaction volume also increased in the weekly chart. A relative downturn could be observed in the daily chart frame due to market sentiment.

    Polygon (MATIC) had increased network expansion. On November 8, 2006, the network growth score improved from 2006 to 2117. As indicated, network expansion corresponds favourably with MATIC pricing.

     



    The Gorgeous Dev Activity

    Polygon network always pays attention to development activity. The chart always climbs up the mountain. Even in this tough time, as SOL developers and many other altcoins development are on the verge of becoming stagnant, MATIC, however, is surging daily.

    Not to tell that recent partnerships and projects soared the development activity to new heights, unaffected by the market downturn.

     



    MATIC appears to be losing purchasing pressure as trading volume decreases, measured by On Balance Volume (OBV). If the current trend continues, the price might fall to $0.8710 or even lower to $0.7721. However, if buyers regain control when the present shocks have passed, the next objective might reach $1.26.

    Polygon users and investors can profit from the relationship between Polygon and Bebop. Given the present negative attitude in the crypto market following the FTX outbreak, the impact might be seen in the long term.