{"id":444816,"date":"2022-05-10T20:41:03","date_gmt":"2022-05-10T17:41:03","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/polygon-reaches-level-that-last-time-triggered-a-275-matic-price-rally-will-history-repeat\/"},"modified":"2022-05-10T20:41:03","modified_gmt":"2022-05-10T17:41:03","slug":"polygon-reaches-level-that-last-time-triggered-a-275-matic-price-rally-will-history-repeat","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/polygon-reaches-level-that-last-time-triggered-a-275-matic-price-rally-will-history-repeat\/","title":{"rendered":"# Polygon reaches level that last time triggered a 275% MATIC price rally \u2014\u00a0will history repeat?"},"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-6a413cf6c15bc\" 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-6a413cf6c15bc\" 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-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/polygon-reaches-level-that-last-time-triggered-a-275-matic-price-rally-will-history-repeat\/#%E2%80%9D_Polygon_reaches_level_that_last_time_triggered_a_275_MATIC_price_rally_%E2%80%94_will_history_repeat_%E2%80%9C\" >&#8221; Polygon reaches level that last time triggered a 275% MATIC price rally \u2014\u00a0will history repeat? &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/polygon-reaches-level-that-last-time-triggered-a-275-matic-price-rally-will-history-repeat\/#MATIC_fundamentals_then_and_now\" >MATIC fundamentals: then and now<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/polygon-reaches-level-that-last-time-triggered-a-275-matic-price-rally-will-history-repeat\/#Silver_lining_amid_chaos_Meta\" >Silver lining amid chaos: Meta<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Polygon_reaches_level_that_last_time_triggered_a_275_MATIC_price_rally_%E2%80%94_will_history_repeat_%E2%80%9C\"><\/span>&#8221; Polygon reaches level that last time triggered a 275% MATIC price rally \u2014\u00a0will history repeat? &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>Polygon (MATIC)\u00a0price reversed course to the upside on May 10 after testing $0.794 as its interim support, thus rising by up to 25% to $0.99. <\/p>\n<p>The rebound occurred a day after the token slumped over 17% to reach $0.787, its lowest level since July 2021, amid a global market crash led by the U.S. Federal Reserve&#8217;s hawkish policies.<\/p>\n<p>MATIC price\u00a0rebounded after undergoing five days of relentless declines, attracting buyers around the same support level that had preceded a 275% bull run last year.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/b0f58bc2-1c53-4ea4-941c-bc7ff2fe1a40.png\"><figcaption style=\"text-align: center;\"><em>MATIC\/USD weekly price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>A previous retest of the $0.787-level in July 2021 and\u00a0the 0.786 Fib line (near $0.61) of the Fibonacci retracement graph \u2014 drawn from the $0.002-swing low to 2.86-swing high \u2014 followed up with MATIC rising to its record high of $3 by December 2021. <\/p>\n<p>Therefore, MATIC\/USD might undergo a similar, sharp upside retracement in the coming weeks after rebounding from the same support confluence.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"MATIC_fundamentals_then_and_now\"><\/span>MATIC fundamentals: then and now<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>However, a lot has changed in terms of market fundamentals between July 2021 and May 2022 that may influence MATIC traders&#8217; behavior.\u00a0<\/p>\n<p>For instance, MATIC&#8217;s price boom occurred last year as demand for layer-2 solutions increased due to Ethereum&#8217;s skyrocketing gas and transaction costs. <\/p>\n<p>As a result, popular decentralized finance (DeFI) <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>lications, including decentralized exchange SushiSwap (SUSHI), liquidity service Curve (CRV), and lending platform Aave (AAVE), expanded their operations in the Polygon chain.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/be1dae95-6ad6-4ea3-96f6-0b254c62cda2.png\"><figcaption style=\"text-align: center;\"><em>The total value locked inside Polygon liquidity pools. Source: Defi Llama\u00a0<\/em><\/figcaption><\/figure>\n<p>But 2022 has been a bad year for cryptos. The Fed&#8217;s decision to hike interest rates followed by the unwinding of their $9 trillion balance sheet has prompted investors to reduce their exposures to riskier assets. Unfortunately, the prospect of excess cash leaving the market has hurt MATIC, whose year-to-date paper returns were nearly 65% below zero as of May 10.<\/p>\n<p>Unfortunately, the prospect of excess cash leaving the market has hurt MATIC, whose year-to-date paper returns were nearly 65% below zero as of May 10.<\/p>\n<p><em><strong>Related:\u00a010-month BTC price lows spark $1B liquidation as Bitcoin eyes $35K CME futures gap<\/strong><\/em><\/p>\n<p>&#8220;This is a risk-off across all asset classes, including crypto,\u201d Daniel Ives, strategist at Wedbush Securities, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/d2a9df43-1ea0-4fb2-9b02-4944589fd909\">told<\/a> the Financial Times, adding that digital asset investors have \u201cnowhere to hide.\u201d He added:<\/p>\n<blockquote><p>&#8220;Some investors are playing crypto like a hedge against inflation, but it\u2019s trading like the Nasdaq\u2019s Siamese twin.&#8221;<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Silver_lining_amid_chaos_Meta\"><\/span>Silver lining amid chaos: Meta<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On May 9, Polygon CEO Ryan Watt <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Fwiz\/status\/1523676688000831488\">announced<\/a> that they are partnering with Meta to create a nonfungible token (NFT) platform for <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Facebook<\/a> and Instagram. <\/p>\n<p>Meta CEO Mark Zuckerberg also\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.facebook.com\/zuck\/posts\/pfbid0J62PL6P2aWwvWz6u1q8TgEp4BStWwdHKHuEFqSoLrQpbZD8my74dGwXhdBsWiAHNl\">confirmed<\/a>\u00a0that they have been &#8220;testing digital collectibles for creators and collectors to showcase NFTs on Instagram,&#8221; adding that similar features would come to Facebook soon. The hype could help MATIC form a strong price floor.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Massive.<\/p>\n<p>\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1523759584967815168?ref_src=twsrc%5Etfw\">May 9, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>But from a technical perspective, MATIC risks bearish continuation toward $0.615 in May. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/d823acae-9b01-4745-aa5d-52e27a8a9e0a.png\"><figcaption style=\"text-align: center;\"><em>MATIC\/USD weekly price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Meanwhile, a bullish confirmation looks less likely to appear unless the token reclaims its 50-week exponential moving average (50-week EMA; the red wave) near $1.37 as support.<\/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. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/polygon-reaches-level-that-last-time-triggered-a-275-matic-price-rally-will-history-repeat\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Polygon reaches level that last time triggered a 275% MATIC price rally \u2014\u00a0will history repeat? &#8220; Polygon (MATIC)\u00a0price reversed course to the upside on May 10 after testing $0.794 as its interim support, thus rising by up to 25% to $0.99. The rebound occurred a day after the token slumped over 17% to reach&#8230;<\/p>\n","protected":false},"author":1,"featured_media":444817,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvMjU0ZDRlODMtYjJlOS00YzUxLTg5OGItNWQ2Nzk2NjA0Y2IwLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,88119,74939,113408,78261,70550,70552,73785],"class_list":["post-444816","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoin-watch","tag-market-analysis","tag-polygon","tag-tech-analysis","tag-federal-reserve","tag-interest-rates","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/444816","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=444816"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/444816\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/444817"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=444816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=444816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=444816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}