Arbitrum (ARB) is currently trading at $0.093392, reflecting a notable 24-hour decline of 7.23%. The daily price range has been tight, oscillating between a high of $0.101673 and a low of $0.091388, indicating reduced volatility amid downward pressure.

Volume has reached approximately 109.39 million ARB, translating to a volume-to-market cap ratio of 19.74%, suggesting moderate trading activity. The hourly moving averages indicate a bearish trend, with the 8 SMA at $0.0946 (down 1.31%) and the 55 SMA at $0.1002 (down 6.76%), further emphasizing the selling momentum.

The short-term Relative Strength Index (RSI) at 33 indicates oversold conditions, suggesting potential for a rebound if buying interest emerges. In contrast, the 7-day RSI at 50 implies a neutral trend, while longer-term indicators show significant declines, with a 14-day price change of -21.84% and a 30-day price change of -40.38%.

Arbitrum's all-time high of $2.39 was achieved on January 12, 2024, highlighting a substantial market cap potential but also a stark contrast to its current price level. Given the persistent downward trend and negative price action over the past month, the overall sentiment remains bearish.

Considering the current technical indicators and fundamental data, I recommend a Sell rating for ARB at this time. The combination of declining moving averages, low RSI, and historical price performance suggests that further downside risk exists before a potential recovery can be validated.