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MATIC’s recovery faces headwinds – Can bulls prevail?

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion While the bears have controlled MATIC’s market since mid-February, bulls only gained considerable leverage on 10 March.

At the time, while the price action rebounded from $0.943, it has since faced stiff resistance levels. Read Polygon [MATIC] Price Prediction 2023-24 Additionally, Bitcoin [BTC] faced rejection around the $26K zone and dropped below $25K, further undermining the rest of the altcoin’s market recovery in the short-term.

However, a retest of BTC’s latest highs could lead the altcoin market into a renewed recovery process. Source: MATIC/USDT on TradingView MATIC’s drop since mid-February was successfully stopped by the $.9427 support.

The support was also crucial in January. Bulls cleared the hurdle at 200-period MA (Moving Average), the 20 EMA (Exponential Moving Average), and the $1.1654-resistance level.

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