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May 11, 2023Polygon Matic slides down from $0.877 to $0.846 today, losing $0.032 (3.62%).
Highly important Producer Price Index data from United States beat analyst expectations of 0.3% with a reading of 0.2%. Highly important Initial Jobless Claims data from United States beat analyst expectations of 245,000 with a reading of 264,000.
On the flip side, positive data for Polygon Matic released earlier when data for United States Crude Oil Inventories published yesterday at 14:30 UTC came out at 2.95 million, beating projections of -917,000 and showing improvement over the preceding figure of -1.28 million.
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. A crossing of the lower Bollinger Band® at $0.859 suggests further losses may follow for Polygon Matic. On the other hand, note that Polygon Matic could begin to recover as it approaches significant support, now 4 cents away from $0.841. Dipping below could be an indication that further losses are ahead.
In the short term, Polygon Matic is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other markets, EOS is trading around $0.883 (down $0.03). Bitcoin is down to $27,036, losing $582.62, after closing at $27,619 in the preceding trading session.
Other assets are showing positive performances as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.
On a negative trend for around 2 months. Over the past 2 months, Polygon Matic has retreated 43.13% from a noteworthy peak of $1.54.
