Top Layer 2 Crypto Projects to Watch in 2023
With the growing negativity in the crypto market, the majority of major cryptocurrencies are witnessing prolonged consolidation/retracement. However, the ongoing correction phase offers a discounted opportunity for traders to seize in well-established crypto projects. Therefore, this article will explore several promising Layer 2 crypto projects that could experience significant growth in 2023.
Polycoin (MATIC)
On February 9, the Polycoin coin price turned down from the monthly resistance of $1.3. With an ongoing correction in the market, the price has fallen 10.3% in the last six months. However, this retracement appears to be part of the famous bullish pattern called “cup and handle”
Under the influence of this pattern, MATIC could plunge another 8-10% to re-see the local support at $1.07-$.105. If prices show sustainability above this support, buyers could drive prices higher to challenge the $1.3 resistance again.
Regardless, in an ideal bullish scenario, this pattern could lead to a bull run to the $1.86 mark.
ImmutableX(IMX)
The ImmutableX(IMX) coin is still forming a rounded bottom pattern. This famous bullish reversal pattern is a symbol of sustained recovery and trend reversal. As of now, the IMX price is trading at $0.95 and continues to hover above the recently regained support at the $0.888-$0.82 mark.
Thus, if the buyers continue to hold above the aforementioned support, the bullish momentum will recover and strengthen further price growth. With sustained buying, the coin price could rise to 32% to challenge the $1.27 mark.
Also, in response to the rounded bottom pattern, the buyers can mount a bull run at $2.15.
Loop ring (LRC)
Similar to the aforementioned MATIC price, the loop ring coin is showing the formation of a cup and handle pattern in the daily time frame chart. However, amid the growing negativity in the crypto market, the coin price remains trapped in a sideways trend as it struggles to surpass the $0.45 threshold.
As of press time, LRC price is trading at the $0.386 mark, and with sustained selling, it could plunge 14% to retest $0.33. This local support is essential for coin holders to maintain a positive outlook in the chart analysis.
Thus, if the buyers manage to hold above $0.33, the coin price should eventually break above the $0.45 barrier. A bullish breakout from the aforementioned resistance could lead to a price rally to $0.669.
