Top Layer-2 Tokens Set to Hit $3: Will Polygon (MATIC) Make the List?

The post Top Layer-2 Tokens Set to Hit $3: Will Polygon (MATIC) Make the List? appeared first on Coinpedia Fintech News

Ever since the approval of the spot ETH ETF, Ethereum prices have displayed stability, which has made the Ethereum-based tokens and layer-2 tokens hopeful of a bullish upcoming trend. Here are the popular Layer-2 tokens that may cause significant price action in the coming days.

Optimism (OP) 

The Optimism price has dropped below the crucial support in the first few days of the month, which has been reversed at the moment. Moreover, the recent price action has elevated the levels above the pivotal zone, which revives the possibility of an extended bullish action. With this, the OP price is expected to maintain a strong ascending trend as the token trades within a bullish range. 

The OP price continues to trade within an expanding megaphone and, after plunging below the support, has restored above the levels. The RSI has triggered a bullish divergence while the MACD displays a drop in selling pressure. This may cause the price to close the monthly trade within a consolidated zone, but the start of the monthly trade could be bullish. The long-term price target could be $3, somewhere at the end of Q3 2024. 

Immutable (IMX) 

Immutable price appears to be preparing for a strong breakout after consolidating for over a few months. Although the volume remains restricted within a range, the bulls have largely dominated, which may help the levels maintain a healthy ascending trend. However, to reach the upper target at $3, the IMX price is required to secure the range around $2.5, which may elevate the levels close to the target thereafter. 

The price is trading within a falling wedge and seems to have reached the apex of the consolidation. The token is constantly testing the upper resistance due to which a breakout may be imminent before the end of the month. The DMI is flipping back to bullish as MACD displays a rise in the buying volume. Therefore, the IMX price is believed to break above the resistance and reach the local highs at $1.8 which may propel the price above $2 after a brief consolidation. 

Polygon is a popular layer-2 for Ethereum, but the price levels have been extremely distinct from the target at $3. It has remained stuck below $0.6 since the start of the month after undergoing a huge downfall of over 65%. The bulls appear to have become passive, due to which the volatility has dropped to ground level. The RSI has also failed to display momentum, due to which the possibility of a steep ascending action remains uncertain.