Polygon is facing stiff resistance in the zone between $0.60 and $0.65 as seen from the long wick on the Aug. 29 candlestick.
The price turned down on Aug. 30, suggesting that the MATIC/USDT pair could consolidate in a large range between $0.51 and $0.65 for a while. The price action inside the range is likely to remain random and volatile.
If bears want to seize control, they will have to drag the price below $0.51. That could resume the downtrend with the next support at $0.45. On the upside, a break and close above the 50-day SMA ($0.67) could signal that the bulls are in the driver’s seat.
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