Avalanche (AVAX) is currently trading at $8.87, reflecting a 24-hour decline of 3.61%. The price has fluctuated between a daily high of $9.26 and a low of $8.86, indicating a tight daily range of just 0.4%, suggesting low volatility in the short term.

Volume stands at approximately 240.4 million, representing 6.28% of the market cap, indicating a moderate trading activity relative to its overall market size. The hourly moving averages are all positioned above the current price, with the 8 SMA at $9.10 and the 144 SMA at $9.34, showing a bearish trend as the price continues to trade below these indicators.

The 1-hour RSI is at 34, indicating potential oversold conditions in the short term, while the 7-day RSI is at 45, suggesting that the asset is approaching neutral territory but remains under pressure. Over the past week, AVAX has declined by approximately 11.37%, and over the last 30 days, the price has dropped by about 35.83%, indicating significant bearish momentum.

Avalanche's all-time high stands at $144.96, reached in November 2021, which highlights the substantial distance from current levels, showcasing a long-term downtrend. Fundamental factors driving this trend may include broader market conditions, regulatory developments, and competition within the blockchain space.

Given the bearish technical indicators, declining RSI levels, and significant price drops over both the short and long term, the recommendation is to Hold. While the asset is technically oversold in the short term, the overall trend remains negative, suggesting that further declines could occur before a recovery is sustainable.