Avalanche (AVAX) is currently priced at $12.28, reflecting a 24-hour decline of 7.02%. The daily price range has been narrow, between a high of $13.30 and a low of $12.13, indicating subdued volatility as the asset struggles to gain traction.

The trading volume of 414,263,059 suggests active market participation; however, the volume-to-market cap ratio stands at 7.86%, hinting at a potential lack of strong buying interest. Moving averages present a bearish trend, with the 8 SMA showing a minor uptick of 0.14% while longer-term SMAs display more significant declines, notably the 144 SMA down 7.76%.

The current 1-hour RSI at 39 indicates that AVAX is nearing oversold territory, which could suggest a potential bounce if buying pressure materializes. The 7-day RSI is also at 39, reinforcing the trend of bearish momentum over the past week, where the asset has depreciated nearly 9.91%.

Over the last 14 days, AVAX has seen a decrease of 5.05%, and the longer-term 30-day decline stands at a substantial 21.66%. This consistent downward pressure showcases a lack of upward momentum, making it difficult for the price to recover.

Given the historical context, the all-time high of $144.96 from November 2021 feels increasingly distant, emphasizing the dramatic shift in market sentiment towards AVAX. Without any significant fundamental catalysts to drive demand, the technical indicators suggest a bearish outlook.

In conclusion, the combination of declining prices, negative RSI readings, and bearish moving averages indicates that AVAX is currently in a downtrend. The recommendation is to Hold, as the asset may find support near current levels, but caution is warranted given the ongoing bearish sentiment and lack of positive catalysts.