Arbitrum Price Targets $1 as TVL Dominance Strengthens ARB's Demand

The crypto weekend witnessed ease from the border market selling pressure fueled by the escalating conflict between Israel and Iran.

Crypto weekend updates show that the escalating conflict between Israel and Iran has put less pressure on the market to sell.

Bitcoin is getting good support at $60,000, and most major altcoins, like ARB, are showing a trend to go up. Arbitrum has the highest Total Volume Locked (TVL) in Layer 2 space, which is making the Arbitrum price go up and might lead to higher recovery.

Ubisoft, a giant in the gaming world, is now putting out a 10,000-piece collection of NFTs on Arbitrum, a layer-2 scaling solution for Ethereum.

This launch will be on Magic Eden, a cross-chain NFT marketplace. NFT holders will get early access to the upcoming top-down shooter Captain Laserhawk: A G.A.M.E, which will be a great incentive for both gamers and collectors.

Launching a high-profile NFT collection, like the one from Ubisoft, on Arbitrum could boost transaction volume and might lead to a sustained price rally for ARB.

Moreover, 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

This might lead to more people wanting ARB coins, which could push the price to break past the $1 barrier.

For a deeper analysis, you can check out our article on the top Layer 2 Crypto project.

ARB Price Eyes 20% Rally Amid Morning Star Reversal

The Arbitrum price daily chart shows a significant correction from $0.68 to $0.51, indicating a 24% decline. However, despite the market selling pressure fueled by geopolitical tensions in the Middle East, the ARB price has found strong support at $0.5.

This level also aligns with the lower trendline of the inverted flag pattern, forming a morning star reversal. Currently, the Arbitrum price trades at $0.56 with 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 other hand, if the ARB price experiences 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?

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