Polygon Matic weakened earlier in the day, before moving away from its $0.842 low and recovering back to $0.859.
MaticNetwork USD made an initial break below its 50 day Simple Moving Average at $0.877, a possible indication of a forthcoming negative trend. Polygon Matic pushed below the $0.875 support level and extended 2 cents beyond it.
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, TRON closed at $0.046 (down 9.72%). Algorand USD closed at $0.241 (down 8.65%).
Other assets are showing positive performances as having closed the previous session at $1.48, FTX Token is up 8.73% today to currently trade at around $1.6.
Some optimism can drawn from the fact that United States Producer Price Index is projected to outperform its last figure with 0.5%. It previously stood at 0.4%; data will be released tomorrow at 13:30 UTC.
Polygon Matic reached a significant high of $2.88 around 10 months ago but has lost 69% since then.