{"id":17350,"date":"2022-01-26T23:34:44","date_gmt":"2022-01-26T22:34:44","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=17350"},"modified":"2022-01-26T23:34:54","modified_gmt":"2022-01-26T22:34:54","slug":"polygon-matic-sees-massive-oversold-bounce-after-250b-crypto-market-comeback","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/polygon-matic-sees-massive-oversold-bounce-after-250b-crypto-market-comeback\/","title":{"rendered":"Polygon (MATIC) sees massive oversold bounce after $250B crypto market comeback"},"content":{"rendered":"\n
On Wednesday, Polygon <\/a>(MATIC) was one of the strongest performers among high-ranking cryptocurrencies, rising about 17 percent to an intraday high of $1.825.<\/h5>\n\n\n\n
\"Polygon<\/figure>\n\n\n\n

The gains came as part of a synchronized resurgence in the crypto market that began on January 24. Investors and dealers poured over $250 billion into digital assets, benefitting Bitcoin (BTC), Ether (ETH), and a slew of other cryptocurrencies. Polygon<\/a>, a supplementary scaling solution for the Ethereum blockchain, also profited from the uptick in the cryptocurrency market.\u00a0<\/p>\n\n\n\n

MATIC\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, the company's native token, surged in value from $9.77 billion on January 24 to $13.58 billion two days later. In the same time frame, the price surged from $1.312 to $1.825, a roughly 40% increase in just three days.<\/p>\n\n\n\n

\"Polygon<\/figure><\/div>\n\n\n\n

Meeting of the Federal Reserve and high-profile hiring<\/h2>\n\n\n\n

The current round of purchasing in the Polygon <\/a>market appeared to be timed to coincide with the Federal Reserve's announcement of an interest rate hike on Wednesday afternoon.<\/p>\n\n\n\n

In particular, cryptocurrencies have experienced multiple price swings in recent months due to concerns that the US Federal Reserve will begin a series of interest rate rises to combat inflation. Similarly, the possibility of the Fed's balance sheet shrinking and increasing rates has harmed stock markets.<\/p>\n\n\n\n

People may anticipate the Fed to tone down its rate rise rhetoric in light of recent stock market volatility and a growing gap between Ukraine and Russia that has drawn in NATO members' attention, according to Luca Paolini, the chief strategist at Pictet Asset Management<\/a>.<\/p>\n\n\n\n

Waiting for the FED to speak today.\u2014 David Gokhshtein (@davidgokhshtein) January 26, 2022<\/p><\/blockquote>\n\n\n\n

On Wednesday, Polygon (MATIC) was one of the strongest performers among high-ranking cryptocurrencies, rising about 17 percent to an intraday high of $1.825.<\/p>\n\n\n\n

The gains came as part of a synchronized resurgence in the crypto market that began on January 24. Investors and dealers poured over $250 billion into digital assets, benefitting Bitcoin (BTC), Ether <\/a>(ETH), and a slew of other cryptocurrencies.<\/p>\n\n\n\n

Despite this, Polygon outperformed top competitors Bitcoin and Ethereum in terms of intraday increases, and it appears that a high-profile hire was the driving force behind it.<\/p>\n\n\n\n

According to reports\u00a0YouTube's head of gaming, Ryan Watts, has left the streaming behemoth to join Polygon <\/a>Studios, a gaming and nonfungible token (NFT) company funded by the $100 million fund of the eponymous layer-2 protocol.<\/p>\n\n\n\n

The revelation appears to have piqued investors' interest in MATIC<\/a>, causing it to outperform other large-cap cryptocurrencies.<\/p>\n\n\n\n

Huge news for $matic \u2014 Lark Davis (@TheCryptoLark) January 25, 2022<\/p><\/blockquote>\n\n\n\n

key support levels have remained stable<\/h2>\n\n\n\n

MATIC's strong recovery sent the price back above its 200-day exponential moving average (200-day EMA; blue wave in chart below), a key level for reducing the market's bearish bias.<\/p>\n\n\n\n

\"Polygon<\/figure>\n\n\n\n

key support levels have remained stable<\/h2>\n\n\n\n

MATIC<\/a>‘s strong recovery sent the price back above its 200-day exponential moving average (200-day EMA<\/a>; blue wave in the chart below), a key level for reducing the market's bearish bias.<\/p>\n","protected":false},"excerpt":{"rendered":"

On Wednesday, Polygon (MATIC) was one of the strongest performers among high-ranking cryptocurrencies, rising about 17 percent to an intraday high of $1.825. The gains came as part of a synchronized resurgence in the crypto market that began on January 24. Investors and dealers poured over $250 billion into digital assets, benefitting Bitcoin (BTC), Ether […]<\/p>\n","protected":false},"author":13,"featured_media":17353,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[81,71,21],"tags":[5924,152,132,128],"class_list":["post-17350","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoin-news","category-markets","category-news","tag-matic-2","tag-bitcoin","tag-crypto","tag-ethereum"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/01\/image-281.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/17350","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=17350"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/17350\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/17353"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=17350"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=17350"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=17350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}