Avalanche (AVAX) is currently trading at $8.85, reflecting a 24-hour decline of 3.35%. The price has fluctuated between $8.82 and $9.18 over the last day, indicating a relatively narrow daily range of 0.36%.

The trading volume stands at approximately $198.93 million, resulting in a volume-to-market cap ratio of 5.20%. The hourly moving averages are trending downward, with the 8 SMA at $9.04 showing a decline of 2.15%, and the longer-term 144 SMA at $9.19 down by 3.73%, suggesting bearish momentum.

The 1-hour Relative Strength Index (RSI) is at 34, indicating that AVAX is approaching oversold conditions. In contrast, the 7-day RSI is neutral at 50, while the 7-day price change shows a slight increase of 1.13%, indicating some short-term recovery potential.

However, the 14-day and 30-day price changes are concerning, with declines of 8.30% and 30.19%, respectively. This suggests that the overall trend for AVAX remains bearish, with the price significantly below its all-time high of $144.96 recorded in November 2021.

Given the current bearish signals from the moving averages, RSI, and recent price action, a cautious approach is warranted. While there may be short-term opportunities for a bounce, the overall market sentiment and technical indicators suggest that AVAX is still in a downward trajectory.

Rating: Sell. The combination of declining moving averages, low RSI, and significant price drops over longer periods points to a continued bearish outlook, making it advisable to exit positions rather than accumulate at this stage.