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April 20, 2024
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ARB, OP and MATIC Price Analysis: Will Dencun Bring A Bull Run in Layer-2 Tokens?

The post ARB, OP and MATIC Price Analysis: Will Dencun Bring A Bull Run in Layer-2 Tokens? appeared first on Coinpedia Fintech News

With the Ethereum price scaling above $4,000 and reaching a market cap of almost half a billion dollars, the altcoin is booming. Further, with the rising momentum of the overall market, with the BTC price crossing the $73,000 mark, the layer-2 token sector is on the rise. 

However, a specific niche of tokens is expected to explode for massive gains, with the Dencun Upgrade coming today. The upgrade is ready to increase transaction outputs and reduce fees with the introduction of Blobs, so tokens of roll-up solution projects could shoot to the MOON. 

So, with just hours left before the Dencun era begins, let’s examine some of the top tokens with high potential.  

This Layer-2 Token Aims 40% Breakout Run

With a bullish bounce back from the 61.80% Fibonacci level, the ARB price is ready for another breakout run. Further, with the significant rise in demand with the Dencun hype, the ARB price is ready to skyrocket. 

Source: Tradingview

Moreover, the ARB price action shows a rounding bottom breakout run with the recent jump. The layer-2 token shows an intraday jump of 10.40% and trades at $2.22. 

As per the Fibonacci levels, the layer-2 token could skyrocket to the $3.190 mark at the 1.618 Fib level. 

Will Optimism Lead The Layer-2 Bull Run?

Another roll-up solution gaining momentum amidst the increasing hype around Dencun is Optimism. With a more conservative move of 3.59% intraday jump, the OP price is well above the $4 mark. 

Source: Tradingview

Following the recent jump above the $4 mark, the layer-2 token shows a wedge formation in the daily chart. Further, the recent intraday jump signals a successful bounceback as a retest. 

Considering the bullish pressure continues to grow, the reversal rally could surpass the overhead supply line. In such a case, the uptrend could drive the OP price to the $5.75 mark. 

Polygon’s Bull Run Ready To Ignite

With a bullish turnaround in the weekly chart, the MATIC price shows a sharp jump. The buyers have driven the uptrend for a 139% jump; the layer-2 token is heading for a massive rally. 

Source: Tradingview

With the layer-2 token price trading at $1.22, the intraday growth of 3.59% teases the supply line breakout. Ready to conclude the lower high formation, the MATIC price is sustaining dominance above $1.

As per the Fibonacci levels, the MATIC price is ready to challenge the 38.20% Fib level breakout. Upon this break, the layer-2 token could scale to the $2.35 mark at the 78.60% Fib level. 

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