Arbitrum price eyes $0.23 – But is Standard Chartered’s $10 ARB call realistic?
Standard Chartered gave a $10 target for ARB by 2030, a 66x increase from current market prices.
Arbitrum [ARB] has rallied 17.2% in the past 24 hours at press time, with a 220% spike in daily trading volume. The strong gains were accompanied by a 32.5% increase in Open Interest, according to Coinalyze data.
Standard Chartered sees 7,000% ARB surge
The sizeable influx of demand was driven by the Standard Chartered report giving Arbitrum a glowing bullish price target. By 2030, the altcoin is forecast to reach $10, nearly 70 times the token’s current market value.
The global banking giant called Arbitrum the “blockchain for TradFi”. Arbitrum Expansion Program (AEP) fees are collected when another chain settles transactions using the Arbitrum stack.
The AEP fee is 10%, and Robinhood Chain is the biggest of this line, helping Standard Chartered put Arbitrum’s September revenue at around $5 million, a fivefold increase from before Robinhood Chain’s launch.
AEP was just one of the factors, such as treasury management returns, Arbitrum One transaction fees, and Timeboost express-lane auctions.
The Arbitrum price forecast
On the daily timeframe, a bullish shift occurred back in July, when the downtrend’s swing point at $0.09 was breached. Following this structure break, ARB has set higher lows and higher highs.
The bulls have also breached the $0.1495 weekly swing point, proving their strength. The retracement from $0.20 to $0.13 in September has set back the momentum and capital flows. Notably, the CMF was below -0.05, and the MACD reflected a pullback, too.
The 61.8% Fibonacci retracement level at $0.13 was defended, and ARB was already testing the $0.15 level.
If buying pressure continues to recover and ARB pushes higher, a move higher to the extension level at $0.2357 would be the next target for the coming weeks.
In the short-term, the technical indicators were bullish. The CMF reflected increased capital inflows, and the MACD underlined that bullish momentum was prevalent once more.
Moreover, the $0.15 area, a local resistance zone over the past week, was being tested and would likely be overcome soon. If this scenario unfolds, Arbitrum swing traders and investors have reason to be bullish for the coming days, and a rally toward $0.20 and $0.23 becomes more likely.
Final Summary
- Standard Chartered gave a $10 target for ARB by 2030, a 66x increase from current market prices.
- The price action has been bullish since July, and the early September rally has faced a healthy retracement and was recovering at the time of writing.
