Polygon Price Rebounds Ahead of Key US Inflation Gauge Data

The Polygon price is bouncing back after retreating in the overnight session. The MATIC is trading at $2.08, which is slightly higher than the overnight low of $1.8638. It is the 15th biggest cryptocurrency project in the world with a market capitalization of more than $12 billion.

What happened: The Polygon price was not left behind in the overnight sell-off as the currency dropped by more than 13% from its high. The decline happened as some investors took profit and as the US dollar firmed. Indeed, the decline coincided with the decline in global stocks.

The Dow Jones and Nasdaq 100 futures have dropped by more than 0.20% while the US dollar index has jumped by more than 0.20%. This performance is mostly because investors are waiting for the upcoming US GDP and initial jobless claims numbers that will come out later today. 

They are also waiting for the personal consumer expenditure data that will come out tomorrow. The PCE is an important number because the Fed looks at it carefully when setting interest rates. Economists expect that the PCE rose by 2.9% in April, the highest level in more than a decade.

Polygon price forecast

The MATIC price has bounced back after falling sharply in the overnight session. It is trading at $2.1500, which is slightly above the overnight low of $1.8638. The currency is 39% below its all-time high of $3.4820. It is also along the 25-day and 15-day exponential moving averages (EMA). 

Further, it has formed a V-shape pattern, which is a sign that bulls have been relatively strong. Therefore, the MATIC price may keep rising as bulls target the all-time high of $3.4820. However, another drop below the overnight low of $1.8638 will invalidate this prediction.

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