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April 05, 2023
Polygon Matic spiked to $1.17 before dropping back to its pre-spike levels and is now heading towards the close around $1.14.
United States Crude Oil Inventories didn't cause a noticeable effect even though it falls short expectations with -3.74 million.
Uncertainty around Polygon Matic is reflected by published market data as highly important Crude Oil Inventories data from United States beat analyst expectations of -2.33 million with a reading of -3.74 million. United States ISM Non-Manufacturing PMI (Mar) released today at 14:00 UTC with a figure of 51.2, while the previous figure was 55.1. United States ADP Nonfarm Employment Change (Mar) came out at 145,000, while a consensus of analysts was expecting 200,000.
MaticNetwork USD made an initial break below its 21 day Simple Moving Average at $1.12, a possible indication of a forthcoming negative trend. Polygon Matic's upper Bollinger Band® is at $1.18, suggesting that a downward move may follow. On the other hand, note that Polygon Matic is approaching key support, around 3 cents away from $1.11. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests Polygon Matic is positioned for a downward move in the near term.
At the same time, mixed performances are seen elsewhere as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. After ending today's session at $0.095, Dogecoin lost $0.002 and is trading around $0.093. Ethereum is up 2.06%.
Moreover, United States Initial Jobless Claims expected to decline to 200,000 while its preceding data was 198,000, data will be available tomorrow at 12:30 UTC.
On a negative trend for around a month. This year has been a bright one for Polygon Matic after trading as low as $0.345 and going on to appreciate by 52.12% year to date.
