Altcoins
Level 2 (L2) Altcoin Coming Ahead of Ethereum ETF Launch!
The cryptocurrency market continues to see significant price volatility with the listing of the Ethereum ETF just hours away. In particular, ETH Price is trading at $3,520 with a trading volume of $20.871 billion. With this, Layer-2 tokens have gained significant attention from the crypto space.
Thinking of investing in Layer-2 token? But confused about its prospects? Scroll down because, in this article, we have covered the market sentiment, price analysis, and potential short-term price targets of the top three L2 tokens.
Polygon (MATIC) Price Action:
THE MATIC Price added about 1% to its portfolio in the last day with a trading volume of $220.704 million, a change of -2.43%. It also added 2.56% in the last seven days. With a market capitalization of $5.316 billion, it has secured the 21st place in the global cryptocurrency ranking.
TradingView: MATIC/USDT
The technical indicator, MACD, has shown a steady decline in the green histogram, highlighting a decline in buying pressure in the crypto space. Additionally, the averages show a high possibility of a bearish convergence, suggesting mixed sentiment for MATIC price.
If the market holds the Price of the polygon above its crucial support level of $0.50, the bulls will prepare to test its resistance level of $0.6900 in the near future. However, if the bears dominate the market, the MATIC coin price will plummet to its new low.
Mantle (MNT) Price Analysis:
Mantle price continued to trade under a bullish sentiment adding 2.51% in the last 24 hours and 20.57% in the last seven days. Furthermore, it has a Year-to-Date (YTD) return of 38.93% and a market cap of $2.914 billion.
TradingView: MNT/USDT
The RSI indicator continues to hover near its overbought range, indicating weak buying and selling pressure in the cryptocurrency market. On the other hand, the 50/200-day EMA shows a high possibility of a Golden Cross in the 1D time frame.
If the market continues to trade under a bullish influence, Mantle price will head towards its upper resistance level of $1,140. On the contrary, if a trend reversal occurs, MNT price will crash towards its low of $0.7130.
Arbitrum (ARB) Price Action:
Amid increasing price volatility in the cryptocurrency market, Arbitration price has jumped 2.78% in the last day and about 10% in the last week. Also, with a YTD decline of 48.61%, ARB price has secured the 36th spot with a market cap of $2.666 billion.
TradingView: ARB/USDT
The technical indicators, RSI and MACD, both show weak price action in the 1D time frame. This highlights the uncertainty in the future price action of the Arbitrum cryptocurrency.
Positive price action could lead to the ARB Price preparing to test its upper resistance level of $1.4315 in the coming weeks. Conversely, a breakdown could cause a slide towards its low of $0.3575 in the near future.