Arbitrum (ARB) is currently trading at $0.155943, reflecting a significant drop of 7.27% over the last 24 hours. The price has seen a daily range between $0.154464 and $0.172527, indicating volatility, but the overall trend appears to be bearish as the price is closer to the daily low.

Volume has spiked to 119,710,548, with a volume-to-market cap ratio of 13.20%, suggesting that trading activity is relatively high compared to the overall market cap. However, the current selling pressure is evident, as indicated by the downward shifts in the hourly moving averages, with the 8 SMA at $0.1618 reflecting a decline of 3.63%.

The 1-hour RSI stands at a critically low 18, indicating that ARB is heavily oversold in the short term. Meanwhile, the 7-day RSI at 41 suggests that while the asset is not yet in oversold territory, it is approaching levels that typically precede a potential rebound.

Over the past week, ARB has declined by 12.26%, and longer-term trends show a 14-day price change of -24.52% and a 30-day decline of -18.63%. These figures point to a persistent bearish trend, compounding concerns about momentum as the price remains significantly below key moving averages.

The all-time high for ARB stands at $2.39, reached on January 12, 2024, which underscores the potential for significant upside if the asset can regain bullish momentum. Nevertheless, current technical indicators suggest further downside risk in the short to medium term, particularly with low RSI values.

Based on the current technical analysis and the prevailing downward momentum, the recommendation for Arbitrum (ARB) is to Hold. While the asset has potential for recovery given its historical performance, current market conditions warrant caution as bearish trends dominate the immediate outlook.