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.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 , the 20 EMA , and the $1.1654-resistance level.
Bulls could attempt to clear the $1.23 hurdle if BTC surges above $25K. A close above the hurdle could push the price towards the overhead resistance of $1.5723, especially if the obstacle at $1.34 is cleared too. On the contrary, BTC fluctuations could set MATIC into a consolidation range of $1.17 – $1.23 if 20 EMA remains steady. However, MATIC could sink to the new low of $0.943 if bears clear the obstacle at 200 MA .
The Relative Strength Index retreated from the oversold territory – Evidence of increased buying pressure over the past few days. However, the Average Directional Index slope hadn’t moved north, indicating a weak uptrend direction which should caution bulls.According to the crypto-derivatives data platform Coinalyze, MATIC’s funding rates have been positive since March 13. It underlined increased demand for MATIC in the derivatives market, which helped bypass the $1.1654-hurdle.
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