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June 15, 2023
In a range-bound session favoring short positions, Polygon Matic remains constrained in a $0.576 to $0.626 range and is currently trading close to $0.576.
Polygon Matic is currently trading at $0.576 following the release of Initial Jobless Claims data from the United States.
New United States Initial Jobless Claims data fell short of the 250,000 projected by analysts with a reading of 262,000 while failing to improve upon the previous reading from last month (262,000).
In contrast, positive data for Polygon Matic reported earlier when highly important Retail Sales data from United States beat analyst expectations of -0.1% with a reading of 0.3%.
Meanwhile, United States Philadelphia Fed Manufacturing Index (Jun) released today at 12:30 UTC with a figure of -13.7, while the previous figure was -10.4.
With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to momentum evaluation, the Relative Strength Index indicates Polygon Matic is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Asset volatility analysis shows that Polygon Matic's lower Bollinger Band® is at $0.53, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. A study of Polygon Matic's chart reveals various key levels to watch: Polygon Matic is oscillating around the $0.614 level serving as support.
Overall, the technical outlook suggests Polygon Matic is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Polkadot closed at $4.29 (down 5.9%). Binance Coin goes down 2.53% to trade around $231.85.
Other assets are showing positive performances as FTX Token soars 9.54% to trade around $1.36.
Trending downwards for around 3 months. Having set a significant high of $1.54 3 months ago, Polygon Matic is trading 59.94% lower.
