Polygon Matic cryptocurrency trades up $0.026, approximately 2.36% higher this afternoon

Polygon Matic rallies $0.026 (2.36%) deep into the session, trading at $1.13.

United States Initial Jobless Claims data will be released today at 12:30 UTC, with an expected decline to 232,000.

This move comes while some more positive signs for Polygon Matic are out as data for United States Crude Oil Inventories published yesterday at 14:30 UTC came out at 597,000, beating projections of -583,000 and showing improvement over the preceding figure of -3.74 million.

At the same time, United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 0.1%, while the previous figure was 0.4%. United States Consumer Price Index came out at 5%, while a consensus of analysts was expecting 5.2%.

Trend and momentum analysis indicates that MaticNetwork USD made an initial breakout above its 21 day Simple Moving Average at $1.11, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $1.15, thereby suggesting that Polygon Matic is becoming overvalued. Technical chart analysis shows Polygon Matic broke through the $1.12 resistance, climbing 1 cents above it.

All in all, the technical analysis suggests Polygon Matic has no clear-cut direction.

Polygon Matic shows positive signs, other assets are also on par: FTX Token is up 9.54% to $1.36. Dogecoin is up 4.85%. Having closed the previous session at $1,919, Ethereum is up 3.65% today to currently trade at around $1,989.

Moreover, macro data could boost sentiment further as United States Producer Price Index is projected to outperform its last figure with 0.1%. It previously stood at -0.1%; data will be released today at 12:30 UTC.

Furthermore, the market is looking at United States Core Retail Sales projected to decline to -0.3% while previous data was -0.1%; data will be released tomorrow at 12:30 UTC. United States Initial Jobless Claims projected to come out at 232,000 — worse than previous data of 228,000; data will be released today at 12:30 UTC.

Trending downwards for around a month. Having set a significant high of $1.54 a month ago, Polygon Matic is trading 28.39% lower.