Looking like it won't be announced.

It is not the best of signs.  Blood of Zeus from the same animation studio debuted its second season in May and already announced a season 3.

@firefly I'm already nervous about it don't make me more nervous! 😆

Man the only good news is it seems He-Man and Skeletor is very likely to come to Fortnite...

(a relible insider source claimed so)

I am hoping for more characters than just them but we gotta wait and see!

Not only do they need Netflix to want to renew it, but Mattel has to want to focus money, time, and effort into it as well.  It seems like Mattel is more focused on the movie and any potential related shows.  I'm guessing the third season comes in comic form only, but hopefully I am wrong.