The cryptocurrency market continues to record significant price volatility with the listing of the Ethereum ETF hours away. Notably, the ETH price is listed at $3,520 with a trading volume of $20.871 Billion. With this, the Layer-2 tokens have gained significant attention from the crypto space.
Planning on investing in Layer-2 tokens? But confused about its prospects? Scroll down as, 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 has added approximately 1% to its portfolio within the past day with a trading volume of $220.704 Million, a change of -2.43%. Further, it has added 2.56% within the past seven days. With a market cap of $5.316 Billion, it has secured the 21st rank in the global crypto list.
The technical indicator, MACD, has displayed a constant decline in the green histogram, highlighting a decline in the buying pressure within the crypto space. Further, the averages show a high possibility of a bearish convergence, suggesting a mixed sentiment for the MATIC price.
If the market holds the Polygon price above its crucial support level of $0.50, the bulls will prepare to test its resistance level of $0.6900 in the coming time. However, if the bears dominate the market, the MATIC coin price will plunge toward its new low.
Mantle (MNT) Price Analysis:
The Mantle price has continued trading under a bullish sentiment by adding 2.51% within the past 24 hours and 20.57% over the last seven days. Further, it has a Year-to-Date (YTD) return of 38.93% and a market capitalization of $2.914 Billion.
The RSI indicator continues hovering close to its overbought range, indicating weak buying and selling pressure in the crypto market. On the other hand, the EMA 50/200-day shows a high possibility of a Golden Cross in the 1D time frame.
If the market continues trading under a bullish influence, the Mantle price will head toward its upper resistance level of $1.140. Conversely, if a trend reversal occurs, the MNT price will plunge toward its low of $0.7130.
Arbitrum (ARB) Price Action:
Amid increased price volatility in the cryptocurrency market, the Arbitrum price has jumped 2.78% within the past day and approximately 10% over the past week. Moreover, with a YTD drop of 48.61%, the ARB price has secured the 36th spot with a market cap of $2.666 Billion.
The technical indicators, RSI and MACD both display a weak price action in the 1D time frame. This highlights uncertainty in the future price action of the Arbitrum crypto.
Positive price action could result in the ARB price preparing to test its upper resistance level of $1.4315 during the upcoming weeks. Conversely, a breakdown could result in it plunging toward its low of $0.3575 in the coming time.