Sign Up on MEXC
Highlights
- Arbitrium Price reversal from $0.5 level sets 25% before major resistance breakout.
- Arbitrum leads the L2 space with a Total Value Locked (TVL) of $2.49 billion, maintaining its top position.
- A bearish breakdown from the inverted flag pattern could invalidate the bullish thesis and pull the asset below the $0.42 floor.
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.
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.
Frequently Asked Questions (FAQs)
1. Why is Arbitrum’s price poised for a $1 breakout?
2. What impact does Ubisoft's NFT collection have on Arbitrum?
3. How does the Total Value Locked (TVL) influence ARB's price potential?
- Michael Saylor Credits Bitcoin for Strategy’s Outperformance Over ‘Mag 7’ Stocks
- XRP Overtakes Shopify, Verizon, Citigroup in Market Value as Price Eyes $6
- Altcoin Season Index Hits New High As ETH, SOL, DOGE, and XRP Rally
- ‘Huge Breakthrough,’ Peter Brandt Says as Dogecoin Reclaims $0.30 Ahead ETF Launch
- Bitcoin Bull Cycle Could Extend To 2026, Arthur Hayes Predicts
- Bitcoin Price Prediction: Q4 Rally Looms as ETF Inflows Hit $642M—Analyst eyes $150K
- Pepe Coin Price Prediction as the Token Jumps Nearly 20% – Will Whale Accumulation Take it to $0.00003?
- Pi Coin Price Prediction As Adam & Eve Pattern Signals Breakout Rally To $0.45 Ahead
- HBAR Price Prediction Amid DTCC Listing and Archax Expansion — Is $0.50 Next?
- Ethereum Price Eyes a 40% Surge as Morgan Stanley Shifts Fed Cuts Forecast
