At $0.762, Polygon Matic is down to its lowest value in 5 months

Polygon Matic dropped $0.056 to $0.762, reaching its lowest point in 5 months.

Crude Oil Inventories in United States fell short of market expectations (1 million) with a reading of -451,000, continuing the decline from the previous figure of 4.49 million.

While price action maintains a negative bias, United States Cushing Crude Oil Inventories came out at 1.72 million, while a consensus of analysts was expecting 719,000. United States Trade Balance (Apr) released today at 12:30 UTC with a figure of -74.6 billion, while the previous figure was -60.6 billion.

Following today's trading session, chart analysis suggests MaticNetwork USD could begin to recover as it approaches significant support, now 2 cents away from $0.749. Dipping below could be an indication that further losses are ahead. Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Momentum evaluation shows that the Relative Strength Index indicates Polygon Matic is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. According to asset volatility analysis, Polygon Matic's lower Bollinger Band® is at $0.77, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

Overall, the technical outlook suggests Polygon Matic is likely to remain muted for the immediate future, with no clear-cut direction.

In the meantime, negative performances are also seen in other markets, Binance Coin dips 7.96% to trade around $258.62. Cardano is down to $0.322, losing $0.03, after closing at $0.352 in the preceding trading session. After ending today's session at $0.137, Algorand USD lost $0.012 and is trading around $0.125.

Looking ahead, ongoing depreciation may be prolonged as United States Initial Jobless Claims projected to come out at 235,000 — worse than previous data of 232,000; data will be released tomorrow at 12:30 UTC.

Pointing downwards for around 3 months. Approximately 3 months ago, Polygon Matic reached a significant high of $1.54 but has struggled to hold onto its gains and declined 46.79% since then.