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March 02, 2023
Polygon Matic is range-bound between $1.19 and $1.25 today after shedding $0.039 and closing at $1.25 today.
New United States Initial Jobless Claims improved upon the previous 192,000 figure while also exceeding analyst expectations with a reading of 190,000.
On the flip side, United States Initial Jobless Claims beat analyst expectations of 195,000 and the previous reading of 192,000 with new data of 190,000. Highly important Crude Oil Inventories data from United States beat analyst expectations of 457,000 with a reading of 1.17 million.
Amid the market gloom, United States ISM Manufacturing PMI (Feb) came out at 47.7, while a consensus of analysts was expecting 48.
MaticNetwork USD could begin to recover as it approaches significant support, now 1 cents away from $1.21. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Polygon Matic peaked above its 5 day Simple Moving Average around $1.25 — typically an early indicator of a new bullish trend beginning to emerge. Polygon Matic's lower Bollinger Band® is at $1.11, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Technical analysis shows that Polygon Matic (currently on a downtrend) might reverse course and start going up in the short term.
In the meantime, negative performances are also seen in other markets, after ending today's session at $0.36, Cardano lost $0.012 and is trading around $0.348. Litecoin is trading around $94.81 (down $3.04).
Other assets are showing positive performances as FTX Token soars 9.54% to trade around $1.36.
Furthermore, United States ISM Non-Manufacturing PMI (Feb) will be released tomorrow at 15:00 UTC.
Registering some good gains for about 2 months now. Polygon Matic has managed to gain 59.96% so far this year despite trading at lows around $0.345 previously.
