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May 03, 2023
Polygon Matic is on an 18 day downtrend Today is looking a bit better: after dropping down to $0.966, Polygon Matic recovers some losses and is currently trading at $0.978.
United States ADP Nonfarm Employment Change (Apr) is next today at 12:15 UTC.
Uncertainty around Polygon Matic is reflected by published market data as United States JOLTs Job Openings (Mar) came out at 9.59 million, while a consensus of analysts was expecting 9.78 million. United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of -3.94 million, while the previous figure was -6 million. United States Factory Orders released earlier showed a marked improvement to 0.9% from the preceding data of -1.1%, but fell short of the 1.1% figure forecast by a consensus of market analysts.
MaticNetwork USD made an initial breakout above its 5 day Simple Moving Average at $0.977, a potential indicator of a newly emerging bullish phase. Polygon Matic's upper Bollinger Band® is at $1.18 and the lower is $0.89. Polygon Matic is approaching key support, around 2 cents away from $0.956. 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 muted price action in Polygon Matic, chart analysis indicates it is positioned for a bullish run in the short term.
Meanwhile, 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. UNICORN Token USD closed at $6.43 (down 2.98%).
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Crude Oil Inventories is projected to outperform its last figure with -1.1 million. It previously stood at -5 million; data will be released today at 14:30 UTC. United States Interest Rate figure is projected at 5.25. It previously stood at five; data will be released today at 18:00 UTC. United States Initial Jobless Claims projected to come out at 240,000 — worse than previous data of 230,000; data will be released tomorrow at 12:30 UTC.
On a negative trend for around 2 months. Having set a significant high of $1.54 2 months ago, Polygon Matic is trading 36.71% lower.
