Arbitrum (ARB) is currently priced at $0.195959, reflecting a significant decline of 9.63% over the last 24 hours. The asset has fluctuated between a high of $0.220062 and a low of $0.193949, indicating a daily range of approximately 11.80%, which suggests heightened volatility.

Trading volume stands at 140,084,720, resulting in a volume-to-market cap ratio of 12.73%. This relatively high volume indicates active trading but also reinforces a bearish sentiment as prices have dipped sharply from recent highs.

The hourly moving averages reflect a consistent downward trend, with the 8 SMA at $0.2028 showing a decrease of 3.36%. This trend persists across longer periods, with the 144 SMA at $0.2159 down 9.24%, indicating selling pressure and potential resistance levels ahead.

The Relative Strength Index (RSI) metrics show significant bearish momentum, with the 1-hour RSI at an extremely low 19, indicating oversold conditions. The 7-day RSI at 44 suggests a neutral zone, while longer-term metrics reveal concerning trends, with 14-day and 30-day price changes at -17.95% and -35.21%, respectively.

The all-time high for ARB was recorded at $2.39, reached on January 12, 2024, emphasizing the current price's substantial distance from its peak. Given the current technical indicators and overall market sentiment, the potential for further downside seems likely unless there is a strong reversal.

Based on this analysis, the recommendation is to Sell ARB. The combination of significant price declines, poor RSI readings, and the inability to maintain support levels suggests further losses could be imminent.