Avalanche (AVAX) is currently priced at $12.23, reflecting a 24-hour decline of 2.86%. The daily trading range has been narrow at 0.39%, indicating low volatility, while the trading volume stands at approximately $232.53 million, contributing to a volume-to-market cap ratio of 4.43%.

Technical indicators reveal bearish momentum, particularly with the 1-hour RSI at 29, suggesting oversold conditions. The short-term moving averages show consistent declines, with the 8 SMA at $12.34 and the 13 SMA at $12.42, both below the current price, indicating a lack of bullish momentum.

Over the past week, the 7-day RSI is at 47, which is neutral but leans towards bearish territory. Despite a slight price increase of 0.35% over the last seven days, the 30-day change shows a more pronounced downturn of approximately -5.48%, highlighting a recent trend of selling pressure.

From a fundamental perspective, AVAX has faced significant challenges since reaching its all-time high of $144.96 in November 2021. The current price reflects a substantial correction, which may present an opportunity for accumulation, but the ongoing bearish sentiment must be addressed before a sustainable recovery can be confirmed.

In summary, while AVAX is currently oversold, the technical indicators and recent price actions suggest that a bottom has not yet been established. Therefore, a cautious approach is warranted, resulting in a Hold rating until clearer bullish signals emerge. Monitoring for a reversal in price action and improved RSI readings will be essential for future investment decisions.