Bearish Polygon Matic currently $0.028 lower after trading as low as $1.33

Polygon Matic is grinding lower from $1.38 to $1.36, shedding $0.028 (2.03%) today.

United States FOMC Meeting Minutes is next today at 19:00 UTC.

Meanwhile, United States Existing Home Sales (Jan) released yesterday at 15:00 UTC with a figure of 4 million, while the previous figure was 4 million. United States 2-Year Note Auction came out at 4.673. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.

MaticNetwork USD made an initial break below its 10 day Simple Moving Average at $1.37, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $1.36 currently serving as support. If price action breaks below, the next Fib hurdle is $1.32. On the other hand, note that Polygon Matic could begin to recover as it approaches significant support, now 1 cents away from $1.35. Dipping below could be an indication that further losses are ahead.

In the short term, Polygon Matic is expected to maintain its recent downtrend and continue spiralling lower.

In the meantime, negative performances are also seen in other markets, Bitcoin Cash is down to $138.36, losing $6.81, after closing at $145.18 in the preceding trading session. Bitcoin is down $673.88 from the beginning of the session and now trades around $23,776.

Other assets are showing positive performances as FTX Token is up 9.54%.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 1.17 million, following on from the preceding figure of 16.28 million. New data is set to be published tomorrow at 16:00 UTC. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 200,000 from the preceding figure of 194,000.

Furthermore, United States GDP is expected tomorrow at 13:30 UTC.

On an upward trend for about a month now. Polygon Matic has gained 77.18% since its lowest print of $0.345 earlier this year.