{"id":399619,"date":"2022-01-27T00:15:00","date_gmt":"2022-01-26T21:15:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/polygon-matic-sees-a-strong-oversold-bounce-after-250b-crypto-market-rebound\/"},"modified":"2022-01-27T00:15:00","modified_gmt":"2022-01-26T21:15:00","slug":"polygon-matic-sees-a-strong-oversold-bounce-after-250b-crypto-market-rebound","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/polygon-matic-sees-a-strong-oversold-bounce-after-250b-crypto-market-rebound\/","title":{"rendered":"# Polygon (MATIC) sees a strong oversold bounce after $250B crypto market rebound"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a407f06e4884\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a407f06e4884\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/polygon-matic-sees-a-strong-oversold-bounce-after-250b-crypto-market-rebound\/#Fed_meeting_and_high-profile_hiring\" >Fed meeting and high-profile hiring<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/polygon-matic-sees-a-strong-oversold-bounce-after-250b-crypto-market-rebound\/#Key_support_levels_held\" >Key support levels held<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Polygon (MATIC) sees a strong oversold bounce after $250B crypto market rebound <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Polygon (MATIC) emerged as one of the best performers among high-ranking cryptocurrencies on Jan. 26 as the price rose nearly 17% to reach an intraday high at $1.825.<\/p>\n<p>The gains surfaced amid a\u00a0synchronous rebound across the crypto market that started on Jan. 24. In detail, investors and traders poured in over $250 billion across digital assets, benefiting Bitcoin (BTC), Ether (ETH) and many others in the process.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-01\/61e0964f-97a9-40a2-8822-4b9767d1a3c1.png\"><figcaption style=\"text-align: center;\"><em>Performance of the top-fifteen cryptocurrencies in the last 15 days. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Polygon,\u00a0a secondary scaling solution for the Ethereum blockchain,\u00a0also cashed in on the crypto market rebound. The valuation of its native token, MATIC, rose from as low as $9.77 billion on Jan.24 to as high as $13.58 billion two days later.<\/p>\n<p>Meanwhile, its price jumped from $1.312 to $1.825 in the same period \u2014 that&#8217;s nearly a 40% gain in just three days.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Fed_meeting_and_high-profile_hiring\"><\/span>Fed meeting and high-profile hiring<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The latest bout of buying in the Polygon market <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>eared ahead of a Federal Reserve announcement about its interest rate increase\u00a0scheduled to come on the afternoon of Jan. 26. <\/p>\n<p>In detail, cryptocurrencies have also been through several whipsaws in recent months over expectations that the U.S. central bank would embark on a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> of interest rate hikes to fight inflation. Similarly, stock markets have suffered because of the prospect of the Fed&#8217;s shrinking balance sheet and higher rates.<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/global-stocks-markets-dow-update-01-26-2022-11643185943?mod=hp_lead_pos1&amp;mod=hp_lead_pos1\">According<\/a> to\u00a0Luca Paolini, the chief strategist at Pictet Asset Management, people may have expectations that the recent turmoil in the stock market and a rising rift between Ukraine and Russia that has drawn in NATO allies&#8217; focus may have the Fed tone down its rate hike rhetorics.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Waiting for the FED to speak today.<\/p>\n<p>\u2014 David Gokhshtein (@davidgokhshtein) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/davidgokhshtein\/status\/1486400508814364672?ref_src=twsrc%5Etfw\">January 26, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Nonetheless, Polygon managed to outperform top rivals like Bitcoin and Ethereum in terms of intraday gains, and it appears a high-profile hiring was the core reason behind it.<\/p>\n<p>As Cointelegraph reported on Jan. 25, <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">YouTube<\/a>&#8217;s head of gaming, Ryan Watts, left the streaming giant to join\u00a0Polygon Studios, a gaming and nonfungible token (NFT), backed by the namesake layer-2 protocol&#8217;s $100 million fund. <\/p>\n<p><strong><em>Related:\u00a0Altcoins book 40% gain after Bitcoin and the crypto market enter a relief rally<\/em><\/strong><\/p>\n<p>The <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> seemingly boosted investors&#8217; appetite for MATIC, prompting it to do better than other large-cap cryptocurrencies.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Huge news for <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24matic&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$matic<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/uNFO6MtddN\">https:\/\/t.co\/uNFO6MtddN<\/a><\/p>\n<p>\u2014 Lark Davis (@TheCryptoLark) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TheCryptoLark\/status\/1486083052287987713?ref_src=twsrc%5Etfw\">January 25, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_support_levels_held\"><\/span>Key support levels held<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>MATIC&#8217;s sharp rebound placed the price back above its 200-day exponential moving average (200-day EMA; the blue wave in the chart below), a level significant for its role in limiting the market&#8217;s downside bias.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-01\/25a8c84c-51f4-46db-b37c-b9c097f5bfae.png\"><figcaption style=\"text-align: center;\"><em>MATIC\/USD daily price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>On Jan. 25, MATIC bulls attempted to reclaim the 200-day EMA as support almost a week after losing it. The drop-and-bounce around the blue wave looked very similar to the price action in the July\u2013August period last year, wherein closing above it had led to a 200%-plus price rally.<\/p>\n<p>The fractal shows strong buying sentiment among MATIC traders near the 200-day EMA. <\/p>\n<p>Therefore, should the price stay above the support, its likelihood of continuing its uptrend appears higher. Nonetheless, the bullish momentum risks exhaustion near MATIC&#8217;s descending trendline resistance, as shown in the chart above.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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The gains surfaced amid a\u00a0synchronous rebound across the crypto market that started on&#8230;<\/p>\n","protected":false},"author":1,"featured_media":399620,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDEvMDlmNmY2YjgtNGQxZC00YjQzLWJjMjgtYTk4YTE4NWVlZWU0LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,88119,74937,74863,74939,113408,10751,73785,49],"class_list":["post-399619","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoin-watch","tag-bitcoin-price","tag-cryptocurrencies","tag-market-analysis","tag-polygon","tag-gaming","tag-markets","tag-youtube"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/399619","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=399619"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/399619\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/399620"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=399619"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=399619"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=399619"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}