Arbitrum (ARB) is currently priced at $0.122802, showing a significant 24-hour decline of 7.63%. The daily trading range has been tight, with a high of $0.133503 and a low of $0.121673, indicating a bearish sentiment in the short term.

Volume stands at 193,327,299 with a volume-to-market cap ratio of 27.06%, suggesting that there is reasonable trading activity relative to its market capitalization. The hourly moving averages reflect a downtrend, with the 8 SMA at $0.1249 and the 55 SMA at $0.1312, indicating consistent selling pressure.

The 1-hour RSI is at 27, indicating oversold conditions, while the 7-day RSI of 39 also suggests weak momentum but not yet oversold. Over the past week, ARB has declined by approximately 24.87%, and the losses widen to about 44.94% over the last 30 days, signaling sustained bearish momentum.

With an all-time high of $2.39 reached on January 12, 2024, ARB has a long way to recover, and current prices are significantly below this peak. The technical indicators, including the moving averages and RSI, suggest that further downside could be possible before any substantial recovery.

Given the current bearish sentiment, the lack of a significant bounce despite oversold conditions, and the ongoing downtrend in both short-term and long-term price changes, the recommendation is to Sell. The market shows no immediate signs of reversal, and investors should consider exiting positions until a clearer bullish trend emerges.