Avalanche (AVAX) is currently trading at $12.20, reflecting a 24-hour change of -4.23%. The daily price range has been relatively narrow, with a high of $12.75 and a low of $12.11, indicating market indecision and potential bearish sentiment.

Trading volume stands at approximately $385.6 million, which constitutes 7.33% of the market cap, suggesting active trading but insufficient momentum to reverse the downward trend. The moving averages indicate a bearish outlook, particularly with the 55 SMA at $12.87 showing a decline of 5.23% and the 144 SMA at $13.49 reflecting a 9.59% drop, reinforcing resistance levels above the current price.

The 1-hour RSI is at 26, indicating oversold conditions, while the 7-day RSI is at 35, suggesting continued weakness. The price has decreased by approximately 15.79% over the past week and the same trend is observed over the last 14 days, which underlines ongoing bearish pressure.

Despite a slight increase of 1.15% over the past month, the longer-term metrics remain negative, particularly when considering the all-time high of $144.96 reached in November 2021. Market participants are likely facing skepticism about AVAX's ability to regain upward momentum, given the lack of strong buying signals.

Based on the technical indicators and overall market sentiment, I recommend a Hold rating for AVAX at this time. While there may be short-term trading opportunities, the current bearish trend and resistance levels suggest caution is warranted before considering any buying positions.