Arbitrum Faces Continued Downtrend Amid Market Optimism

Arbitrum (ARB) has experienced a significant decline, dropping 3.21% against the US Dollar in the last 24 hours, and is currently trading at $0.590780. Despite a slight increase in the overall cryptocurrency market cap by 1.02%, ARB underperformed, recording a 1.54% loss against Bitcoin.

Over the past month, ARB has shown a negative trend, losing 3.07%, and has dropped 29.22% over the past year. The coin's medium-term outlook remains bearish, with a 26.15% decline in the last three months.

While technical indicators show a mixed sentiment, with 20 indicators signaling bullish and 7 bearish, the overall market sentiment remains neutral. The Fear & Greed Index reads "Greed" at 72, indicating investor optimism, but caution is advised due to potential overvaluation.

Key support levels to watch are $0.575988, $0.541294, and $0.521382, while resistance levels are $0.630594, $0.650507, and $0.685201. Despite a predicted 29.87% rise in the next five days, the long-term outlook for ARB remains uncertain.