With the increasing negativity in the crypto market, the majority of major crypto coins are witnessing prolonged consolidation/retracement. However, the ongoing correction phase offers a discounted opportunity that traders could grab in well-established crypto projects. Thus, this article will explore several promising Layer 2 crypto projects that could experience significant growth in 2023.
Polycoin(MATIC)
Source- Tradingview
On February 9th, the Polycoin coin price turned down from the monthly resistance of $1.3. With ongoing correction in the market, the price has tumbled 10.3% in the last six. However, it seems this retracement is a part of the famous bullish pattern called “cup and handle”
Under the influence of this pattern, the MATIC may plunge another 8-10% to revisit the local support of $1.07-$.105. If the prices show sustainability above this support, the buyers may drive the prices higher to rechallenge the $1.3 resistance.
Anyhow, in an ideal bullish scenario, this pattern could lead a bull run to the $1.86 mark.
ImmutableX(IMX)
Source- Tradingview
The ImmutableX(IMX) coin is still in the process of forming a rounding bottom pattern. This famous bullish reversal pattern is a symbol of sustained recovery and trend change. As of now, the IMX price trades at $0.95 and continues to hover above the newly reclaimed support of the $0.888-$0.82 mark.
Thus, if the buyers continue to hold above the aforementioned support, the bullish momentum would recuperate and bolster further price growth. With sustained buying, the coin price may rise to 32% to challenge the $1.27 mark.
Moreover, in response to the rounding bottom pattern, the buyers may drive a bull run to $2.15.
Loopring(LRC)
Source- Tradingview
Similar to the aforementioned MATIC price, the loopring coin displays 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 neckline.
By the press time, the LRC price trades at the $0.386 mark and with sustained selling, it may plummet 14% to retest the $0.33. This local support is crucial for coin holders to maintain a bullish 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 mentioned resistance could lead to a price rally to $0.669.
The post Top Layer 2 Crypto Projects to Watch in 2023 appeared first on CoinGape.
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