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Will Polygon (MATIC) Join the List?
Ever since the approval of the locate ETH ETFEthereum prices have shown stability, which has made Ethereum-based tokens and layer-2 tokens confident of an impending uptrend. Here are the popular Layer-2 tokens that could cause significant price action in the coming days.
Optimism (OP)
THE The Price of Optimism It fell below the crucial support in the early days of the month, which has now been reversed. Furthermore, the recent price action has elevated the levels above the pivotal zone, which revives the possibility of an extended bullish action. With this, OP price is expected to maintain a strong uptrend as the token is trading within a bullish range.
OP price continues to trade inside an expanding megaphone and after breaking below the support, it has recovered above the levels. The RSI has triggered a bullish divergence while the MACD is showing a decrease in selling pressure. This could cause the monthly trade price to close inside a consolidated zone, but the start of the monthly trade could be bullish. The long-term price target could be $3, somewhere in the end of Q3 2024.
Immutable (IMX)
Immutable price seems to be preparing for a strong breakout after consolidating for over a few months. Although the volume remains limited within a range, the bulls have largely dominated, which could help the levels maintain a healthy uptrend. However, to reach the upper target of $3, IMX price is required to secure the range around $2.5, which could elevate the levels near the target later.
The price is moving inside a falling wedge and seems to have reached the top of the consolidation. The coin is consistently testing the upper resistance, so a breakout might be imminent before the end of the month. The DMI is turning bullish as the MACD shows an increase in buying volume. Therefore, it is believed that IMX price will break out of the resistance and reach the local highs at $1.8, which could push the price above $2 after a short consolidation.
Polygon is a popular layer-2 for Ethereum, but the price levels have been extremely different from the $3 target. It has been stuck below $0.6 since the beginning of the month after suffering a huge fall of over 65%. The bulls seem to have turned passive, due to which the volatility has dropped to the ground level. The RSI has also failed to show momentum, due to which the possibility of a steep upward action remains uncertain.
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