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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