Arbitrum Price Prediction: ARB Leaps 9% – Is Layer-2 Scaling Gaining Traction?

Updated: 29 September 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

Arbitrum (ARB) price has been bullish since mid-month, recording a 20% climb beginning September 12. On September 29, the Ethereum (ETH) Layer-2 (L2) scaling solution token leaped 9% to record an intra-day high of $0.9029. It continues to extend with prospects to escape from the descending parallel channel. For this to happen, however, ARB must overcome the upper boundary of the bearish channel and record a decisive candlestick close above the $ 1,000 psychological level.

Meanwhile, a fair value gap (FVG) continues to act as a magnet. It indicates an inefficiency that needs to be filled. If the bulls can muster the synergy, Arbitrum price can extend the gains towards the FVG. However, for a confirmed uptrend, it must overcome the consequential encroachment (CE) at $1.092.

The overall upward trajectory of the Relative Strength Index (RSI) remains promising. The green histogram bars of the Awesome Oscillator that continue to edge north toward the positive corroborate this outlook.

Arbitrum price — TradingView: ARB/USDT 1-day chart

Cognizant that the RSI has just tipped west and the AO indicator is still in the negative zone, it is likely that buyer momentum is waning. If left unchecked, it could threaten the upside potential for Arbitrum price. The ensuing seller momentum could see ARB mirror the same bounce it has indicated since mid-April, repelling from the channel’s upper boundary.

In such an outlook, the channel’s midline remains critical at $0.757, with a break and close below it likely to invalidate the optimistic thesis. In the dire case, the downtrend could continue, sending Arbitrum price to the channel’s lower boundary at around the $0.500 psychological level.

Active Arbitrum Addresses by Profitability

On-chain aggregator IntoTheBlock, showing the volume of addresses by profitability, reveals an interesting picture. At the current value of $0.892, only 11.84% of ARB holders (977 addresses) are sitting on unrealized profit. Meanwhile, 31% ARB holders (2,590 addresses) are sitting on unrealized losses, while 56.82% (4,690 addresses) are breaking even.

As long as more holders are out of the money (unrealized losses), the likelihood of selling pressure remains minimal. More accurately, they are likely to wait for the price to go up, either to join the break-even camp or look for profitable positions to exit. This gives ARB time to recover.

Arbitrum Leading L2 Wars

It is worth mentioning that Arbitrum remains the dominant player among Ethereum layer-2 (L2) networks. Daily transactions on the ARB network remain high compared to its L2 peers like Optimism and Base.

Switch gaze from ARB and consider TGC, the ticker token for the TG.Casino ecosystem, set to go live on exchanges soon.

ARB Alternative

TG.Casino touts itself as the world’s leading telegram casino, providing an exclusive online, anonymous crypto gambling avenue. It is fully licensed with 100% safety. Buy into the TGC community today and enjoy early entrant rates because the TGC token will never be as affordable as it is today.

https://www.youtube.com/watch?v=2_qjQmqU2Cc

It is worth mentioning that TG.Casino is fully licensed with full cognizance of the fact that the Web3 playing field is quite the Wild West with many bad actors in the space. Participate with confidence.

🎉🎉https://t.co/1CivTnIx4Z is now live! 🎉🎉

🎰To play all you need to do is go to @TGCasinoOfficialBot on Telegram and deposit funds.

📢 Join the community Telegram https://t.co/9yzBerkqhS for further information and T&C’s. pic.twitter.com/RtuohMvDLc

— TG Casino (@TGCasino_) September 28, 2023

Besides allowing you to participate in tier-one online casino games and sports, the project allows you to be part of a developing ecosystem. Here, loyalty is rewarded with the player base enjoying multiple opportunities.

The project’s presale is recording tremendous progress, with almost $270,000 already in the bank. This is over a quarter of the set target of $1 million. Join the TGC community for a gateway into exclusive rewards and benefits.

And the first entry in the competition!

Nice play 🤑 https://t.co/wzW6EuJNey

— TG Casino (@TGCasino_) September 28, 2023

Meanwhile, there is a competition in play with up to $5,000 in prize money. There are three ways to win, depending on whichever works best for you. First, you can share a screenshot or video of a win on the X social media platform and the project’s telegram community. The reward for this is $2,500. Secondly, the TGC holder that records the largest bet volume in 24 hours wins $2,000 in USDT. Third, one wallet address will be randomly selected from all players. This wallet will win 500 USDT. It could be you.

🧵1/2
$5k Comp – 3 Ways to win.

1️⃣ Share SS/Vid of a win on https://t.co/1CivTnIx4Z on X and in our comm TG to enter the draw to win $2.5k

2️⃣Most vol. wagered in 24 hours on https://t.co/1CivTnIx4Z wins $2k in USDT

3️⃣ 1 wallet randomly selected from all players wins $500 USDT pic.twitter.com/5DRCLIyMEt

— TG Casino (@TGCasino_) September 28, 2023

Visit TGC here