| 
June 28, 2023
Polygon Matic crashes after losing $0.031, breaking down to $0.63.
United States Fed Chair Powell speech is next today at 13:30 UTC.
On the flip side, United States Consumer Confidence beat analyst expectations of 104 and the previous reading of 102.5 with new data of 109.7. United States Core Durable Goods Orders came out at 0.6%, better than analyst estimates of -0.1% and improving upon the previous reading of -0.6%.
While price action maintains a negative bias, United States New Home Sales (May) came out at 763,000, while a consensus of analysts was expecting 675,000.
MaticNetwork USD made an initial break below its 21 day Simple Moving Average at $0.651, a possible indication of a forthcoming negative trend. Polygon Matic's upper Bollinger Band® is at $0.689 which indicates a further downward move may follow. Despite this, Polygon Matic could begin to recover as it approaches significant support, now 2 cents away from $0.648. Dipping below could be an indication that further losses are ahead.
Looking forward, Polygon Matic is poised to extend its strong downtrend and continue declining.
In the meantime, negative performances are also seen in other markets, Algorand USD is down $0.007 from the beginning of the session and now trades around $0.12. Cardano is trading around $0.274 (down $0.012).
Other assets are showing positive performances as FTX Token is up 9.54%.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for United States GDP are set for a continuation of decline with 1.4 while previous data was 2.6; data will be released tomorrow at 12:30 UTC. Projections for United States Initial Jobless Claims are set for a continuation of decline with 266,000 while previous data was 264,000; data will be released tomorrow at 12:30 UTC.
Moreover, United States Crude Oil Inventories is projected to outperform its last figure with -1.76 million. It previously stood at -3.83 million; data will be released today at 14:30 UTC.
Pointing downwards for around 4 months. Having soared to a high of $1.54 approximately 4 months ago, Polygon Matic is now trading 57.11% lower.
