3 Oversold Layer 2 Altcoins To Buy As June’s Crypto Rally Beckons
The crypto market is currently seeing downward trends after recent corrections, impacting several layer 2 cryptocurrencies. Amid these, three altcoins appear significantly undervalued and poised for recovery. Polygon (MATIC), Immutable (IMX), and Arbitrum (ARB) are prime candidates for investment as the market gears up for a potential rally in June.
1. Polygon (MATIC)
Polygon (MATIC), a key Layer 2 solution, is designed to boost Ethereum by enhancing its scalability and interoperability without modifying its core structure. It operates by utilizing a series of sidechains that drastically reduce costs and enhance Ethereum’s processing capabilities. This setup is particularly advantageous for users facing high transaction fees.
Recently, MATIC has seen a significant decrease in its market value, with an 8% drop over the last month. Presently, Polygon price is at $0.602, which marks a 1% fall in just 24 hours. Currently positioned within the top 20 cryptocurrencies by market cap, which stands at $5.95 billion, MATIC is considered a potential buy, particularly as the crypto market anticipates a rally in June.
2. Immutable (IMX)
Immutable (IMX) has established itself as the top layer-two solution for NFT scaling on the Ethereum blockchain, addressing critical issues like scalability, user engagement, liquidity, and development delays. This innovative platform transforms the traditional limitations associated with Ethereum, enhancing both the speed and efficiency of NFT transactions and related applications.
In recent developments, Immutable price has fallen to $1.76. This represents a 14% decline over the past week and a 27% drop in the past month. Currently, it ranks 39th on CoinMarketCap with a market capitalization of $2.6 billion.
3. Arbitrum (ARB)
Arbitrum (ARB), a prominent scaling solution for Ethereum, employs optimistic rollups to boost transaction speeds while ensuring Ethereum’s core security features remain intact. This technology increases throughput and lowers costs, enhancing overall efficiency.
Recently, the Arbitrum token has experienced a downturn, with a 2.21% decline to $0.9285 in the last 24 hours. The monthly figures show a slight decrease of 0.04% and a 7% fall over the week, positioning it as a potentially undervalued asset ahead of an expected uptick in the cryptocurrency market this June. The current CoinMarketCap ranking is 38, with a market cap of $2.6 billion.
Bottom Line
As June approaches, investors might consider focusing on altcoins like Polygon, Immutable, and Arbitrum. These three have shown resilience and potential for growth amidst the broader market’s fluctuations, making them attractive for those looking to buy into promising crypto assets.
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