Arbitrum Price Eyes $1 Breakout as ARB Dominates L2 TVL Rankings
The crypto weekend witnessed ease from the border market selling pressure fueled by the escalating conflict between Israel and Iran. As Bitcoin holds support above $60,000, most major altcoins, including ARB. With the dominant position in Layer 2 space concerning Total volume locked (TVL), the Arbitrum price is poised for higher recovery.
Arbitrum Price Targets $1 as TVL Dominance Strengthens ARB’s Demand
Ubisoft, a major player in the gaming industry, is venturing further into the NFT space by launching a 10,000-piece collection on Arbitrum, a layer-2 scaling solution for Ethereum. This launch will be facilitated through Magic Eden, a cross-chain NFT marketplace.
The NFT holders will get early access to the upcoming top-down shooter Captain Laserhawk: The G.A.M.E, sparking an exciting incentive for gamers and collectors alike. Launching a high-profile NFT collection like Ubisoft’s on Arbitrum could boost transaction volume and drive a sustained price rally.
In addition, Arbitrum dominates layer two space, maintaining a high Total Value Locked (TVL) of $2.49 billion. Arbitrum’s leadership stems from its scalability and efficiency, attracting a wide range of decentralized applications (dApps) and users.
While Arbitrum still leads the L2 space in terms of TVL, Base is catching up.
Arbitrum $2.49B
Base $2.24B
Optimism $0.68B pic.twitter.com/nhkEZQVofi
— IntoTheBlock (@intotheblock) October 1, 2024
These developments could drive demand pressure for ARB coins, potentially fueling a breakout above the $1 barrier.
For detailed analysis, check out the top Layer 2 Crypto project article.
ARB Price Eyes 20% Rally Amid Morning Star Reversal
The Arbitrum price daily chart showcased a notable correction from $0.68 to $0.51, recording a 24% loss. While the market selling pressure persists amid the geopolitical tension in the Middle East, the ARB price holds $0.5 support.
The aforementioned level coincides with the lower trendline of the inverted flag pattern, boosting a morning star reversal pattern. The Arbitrum price currently trades at $0.56 and maintains a market cap of $2.027 Billion.
If potential reversal breaks the midline of the Bollinger band indicator, the buyers could drive a 20% surge to challenge flag resistance. A successful breach from the $0.7 barrier will accelerate the recovery momentum for the $1 target.
ARB/USDT – 1d Chart
On the contrary, if the ARB price has a bearish breakdown below the bottom trendline, the sellers could push a 19% drop to hit $0.42 support.
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