Avalanche (AVAX) is currently priced at $12.06, reflecting a slight decline of 0.17% over the last 24 hours. The daily trading range has been relatively tight, with a high of $12.48 and a low of $12.05, indicating limited volatility in the short term.

Volume has reached approximately 282.97 million, corresponding to a volume-to-market cap ratio of 5.46%, suggesting a moderate level of trading activity. The hourly moving averages indicate a bearish sentiment, with the 8 SMA at $12.37 down by 2.50% and the 21 SMA at $12.27 down by 1.70%, reinforcing downward pressure on the price.

The 1-hour Relative Strength Index (RSI) stands at 46, indicating that AVAX is approaching a neutral territory but is not yet oversold. The 7-day RSI at 49 confirms this sentiment, suggesting a lack of momentum in either direction as recent price changes have been modest, with a 7-day increase of 5.45% contrasted by a significant 14-day decline of 10.02%.

Over the past 30 days, AVAX has experienced a notable decrease of 14.93%, indicating a longer-term bearish trend. The all-time high of $144.96 from November 2021 highlights the current price's significant distance from prior peaks, suggesting that the market has not regained bullish sentiment in the long term.

Considering the current technical indicators and the recent price performance, AVAX appears to be in a corrective phase with resistance from moving averages and a lack of upward momentum. Therefore, the recommendation is to Hold at this time, as there is potential for recovery if market conditions improve, but significant downside risks remain in the short to medium term.