MATIC/USDT
Polygon (MATIC $0.8262) turned down from $0.88 on Oct. 19 and broke below the moving averages on Oct. 21. The failure of the bulls to defend the moving averages on the retest is a negative sign.
MATIC/USDT daily chart. Source: TradingView
If the price sustains below the moving averages, the likelihood of a drop to the $0.71 to $0.69 support zone increases.
If the price rebounds off this zone, it will suggest that the MATIC/USDT pair may consolidate in a tighter range between $0.69 and $0.88 for a few days. The flattish moving averages and the RSI just below the midpoint also suggests a consolidation in the near term.
On the other hand, if the price quickly reverses direction and breaks above $0.88, it will suggest a change in sentiment from selling on rallies to buying on dips. The pair could then climb to $0.94 and later to $1.05.