Avalanche (AVAX) is currently trading at $8.77, reflecting a 3.02% decline over the last 24 hours. The daily trading range remains narrow at 0.41%, with a volume of approximately $208.83 million, indicating moderate market activity but lower volatility.

The short-term moving averages (SMA) are showing bearish trends, with the 8 SMA at $8.86 down by 0.98% and the 55 SMA significantly lower at $9.03 down by 2.88%. The 144 SMA at $9.20 suggests that there is substantial resistance above the current price level, which could hinder upward momentum.

The RSI metrics further indicate a weakening momentum; the 1-hour RSI is at 39, suggesting oversold conditions in the short term, while the 7-day RSI at 46 points to a neutral stance. Both the 7-day and 14-day price changes are negative, at -1.62% and -5.10% respectively, with a notable 30-day decline of 29.56%, indicating a longer-term bearish trend.

Avalanche's price is significantly below its all-time high of $144.96, reached in November 2021, reflecting a long-term downtrend and loss of investor confidence. The current market cap dynamics, evidenced by a volume-to-market cap ratio of 5.51%, suggest that trading activity is insufficient to drive significant price recovery at this stage.

Given the current bearish sentiment, resistance levels above $9.00, and the recent price action, the recommendation is to hold. Investors should monitor for potential signs of a reversal, especially if the RSI approaches oversold territory or if price starts to stabilize above the short-term moving averages.