In the recent market landscape, Arbitrum (ARB) has encountered a significant downturn, with a sharp 8% drop in price over the past 12 hours. The altcoin, which had previously traded within a compact range of $1.1 to $1.27, has now plummeted to the $1 mark, potentially presenting a low-risk shorting opportunity for intraday traders.

Delving deeper into the market dynamics, the daily timeframe reveals a bearish decline in ARB's price since March 13th, following a strong rejection at the $2.2 price level. This bearish sentiment is further echoed in the spot and futures markets, with the Relative Strength Index (RSI) indicating substantial selling pressure and the Chaikin Money Flow (CMF) dropping to its lowest level since April 12th.

To capitalize on this potential shorting opportunity, traders should keep a close eye on two critical price levels. Opening a short position from the current market price of $1.09 could yield a profit target of 13% at $0.94 and a more substantial 30% at $0.74. These price levels represent significant support zones for buyers, and ARB's price could potentially rebound from these levels.

Furthermore, the futures market data corroborates the bearish sentiment, with ARB's Open Interest declining by 5.91% in the past 24 hours. This decline in open interest suggests a lack of interest in the asset by market participants, further reinforcing the bearish outlook.

In conclusion, the current market conditions surrounding Arbitrum (ARB) present a potential shorting opportunity for traders. By closely monitoring the critical price levels and the broader market sentiment, investors can strategize to capitalize on the bearish trend and potentially generate favorable returns.