MATIC price gains momentum but bulls uncertain without breaking resistance.

The price of MATIC has recently increased during trading sessions, surpassing its important support level. In the past 24 hours, the price of MATIC has risen by approximately 6%. However, when considering the weekly chart, the altcoin has not shown significant growth in value.

The technical outlook for MATIC remains negative, indicating a pessimistic sentiment. Both the demand and accumulation for MATIC have remained relatively low, suggesting a prevailing bearish influence.

The volatility of Bitcoin has had a negative impact on the stability of most altcoins in recent trading sessions. For MATIC to continue to appreciate in future trading sessions, there needs to be a recovery in demand for the altcoin, and its price must trade above the resistance level of $0.70.

Related Reading: Cardano Poised For Consolidation In This Price Zone Prior To Attempting Reversal

In addition, the overall strength of the broader market is also crucial for MATIC. The market capitalization of MATIC has declined, indicating that sellers currently have control over the price.

MATIC Price Analysis: One-Day Chart

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