Avalanche (AVAX) is currently trading at $12.69, reflecting a significant decline of 6.59% over the past 24 hours. The price has fluctuated between a daily high of $13.74 and a low of $12.51, indicating volatility within a narrow daily range of 1.23%.

Volume for AVAX stands at approximately $456 million, translating to a volume-to-market cap ratio of 8.35%. This relatively high volume suggests active trading, but the negative price action may indicate bearish sentiment in the market.

Technical indicators show concerning trends with the hourly RSI at 20, indicating potential oversold conditions. The 7-day RSI of 39 further suggests weakness, as it approaches the oversold threshold, while the 14-day price change reveals a more extended downward trend of 10.76%.

Moving averages also paint a bearish picture, with the 8 SMA and 13 SMA nearly flat, while longer-term SMAs show significant declines ranging from -2.85% to -8.59%. The 55 SMA at $13.45 and the 144 SMA at $13.88 suggest strong resistance levels above the current price, which may hinder any immediate upward movement.

Despite a slight positive change of 3.53% over the last 30 days, the overall trend remains negative, with both short-term and medium-term metrics reflecting bearish sentiment. The all-time high of $144.96, achieved in November 2021, remains a distant target, emphasizing the current downtrend.

Given the negative price action, bearish indicators, and resistance levels above current prices, the recommendation is to Hold. While there is potential for a reversal, the prevailing trend and technical indicators suggest waiting for clearer signals before taking any buying action.