Avalanche (AVAX) is currently trading at $13, reflecting a notable decline of 8.14% over the last 24 hours. The daily price range has been relatively tight, fluctuating between a high of $14.28 and a low of $12.89, indicating bearish market sentiment.

The volume stands at approximately $441 million, representing 7.91% of the market cap, which suggests a moderate level of trading activity amidst the price decline. Key moving averages show consistent downtrends, with the 8 SMA at $13.35 and the 55 SMA at $14.30, all indicating potential resistance levels.

The 1-hour RSI is critically low at 18, signaling oversold conditions that could attract short-term buyers. However, the 7-day RSI is at 44, hinting at a weak upward momentum, and the price has declined by over 16% in the last two weeks.

Historically, AVAX reached an all-time high of $144.96 in November 2021, which creates a significant downside risk compared to its current price. The 30-day price change of nearly -30% further underscores the ongoing bearish trend and potential for continued selling pressure.

Given the current technical indicators, including the RSI levels and moving averages, the market is leaning bearish with short-term recovery potential but long-term challenges. Therefore, the recommendation is to Hold AVAX, as potential buyers might consider entering at lower prices while monitoring for signs of stabilization and recovery.