| 
March 07, 2023
Marginally higher but lacking a clear-cut direction, Polygon Matic is trading at $1.16 after ranging between $1.13 and $1.16 today.
United States Fed Chair Powell testimony is next today at 15:00 UTC.
At the same time, United States Factory Orders released yesterday at 15:00 UTC is better than expected at -1.6% but down from preceding data of 1.7% according to new data.
MaticNetwork USD made an initial breakout above its 3 day Simple Moving Average at $1.15, a potential indicator of a newly emerging bullish phase. Polygon Matic's lower Bollinger Band® is at $1.04, indicating that the market is oversold and fertile for new buyers. Despite this, Polygon Matic could be slowing down soon; it is getting close to the resistance line and is now at $1.16, only 1 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts Polygon Matic to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the Polygon Matic is expected to pick up significant bullish sentiment in the coming days.
Polygon Matic shows positive signs, other assets are also on par: FTX Token gained 9.54% and is now trading at $1.36.
At the same time, EOS slumps 1.51% to trade around $1.19. Algorand USD is trading around $0.221 (down $0.005).
Also worthy of note, United States Crude Oil Inventories projected to come out at -308,000 — worse than previous data of 1.17 million; data will be released tomorrow at 15:30 UTC.
Furthermore, the market is looking at United States ADP Nonfarm Employment Change (Feb) is expected tomorrow at 13:15 UTC. United States JOLTs Job Openings (Jan) will be released tomorrow at 15:00 UTC.
This year has been a bright one for Polygon Matic after trading as low as $0.345 and going on to appreciate by 47.83% year to date.
