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May 16, 2023
Polygon Matic drops from $0.86 to $0.84, losing $0.02 (2.3%) today.
United States Core Retail Sales at today at 12:30 UTC, — hitting the expected figure of 0.4%, better than previous figure of -0.5%
Highly important Retail Sales data from United States beat analyst expectations of 0.8% with a reading of 0.4%.
On the flip side, new Core Retail Sales data from United States matched market expectations with a reading of 0.4% — a positive step in contrast to previous data of -0.5% from last month.
Meanwhile, United States API Weekly Crude Oil Stock released today at 20:30 UTC with a figure of 3.69 million, while the previous figure was 3.62 million.
Trend analysis indicates that MaticNetwork USD made an initial break below its 5 day Simple Moving Average at $0.853, a possible indication of a forthcoming negative trend. Momentum evaluation shows that the Relative Strength Index has gone below 30, going into oversold conditions and allowing more gains. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $0.8, a low enough level to, generally, suggest that Polygon Matic is trading below its fair value. Following today's trading session, chart analysis suggests Polygon Matic could begin to recover as it approaches significant support, now 1 cents away from $0.847. Dipping below could be an indication that further losses are ahead.
With market volatility ebbing, the current technical outlook indicates Polygon Matic will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other markets, UNICORN Token USD is trading around $6.43 (down $0.197).
Positive performances can be seen by looking at other markets as FTX Token leaps up 9.54% to trade around $1.36. Litecoin gained 2.59% and is now trading at $89.37.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Crude Oil Inventories projected to decline to -1.3 million while previous data was 2.95 million; data will be released tomorrow at 14:30 UTC.
Furthermore, United States Building Permits (Apr) scheduled to come out tomorrow at 12:30 UTC.
On a negative trend for around 2 months. 2 months ago Polygon Matic reached a significant high of $1.54 but has consequently lost 44.25% since then.
