Avalanche (AVAX) is currently priced at $12.27, reflecting a 24-hour change of -1.93%. The price has oscillated between $12.51 and $12.08 over the last day, indicating a narrow daily range of 0.43%, which suggests limited volatility in the short term.

The trading volume stands at approximately $238.83 million, contributing to a volume-to-market cap ratio of 4.51%. This volume indicates moderate trading activity, but the declining price suggests that selling pressure may be outweighing buying interest.

Analyzing the hourly moving averages, the 8 SMA at $12.16 shows a slight positive trend of +0.91%, while the 13 SMA at $12.22 indicates a minor increase of +0.43%. However, the longer moving averages, particularly the 144 SMA at $12.85, reveal a more significant negative trend of -4.50%, indicating bearish sentiment over a longer timeframe.

The Relative Strength Index (RSI) metrics illustrate a bearish outlook; the 1-hour RSI is at 36, suggesting that the asset is nearing oversold conditions. Additionally, the 7-day RSI at 43 reinforces this sentiment, indicating a lack of bullish momentum over the past week.

From a performance perspective, AVAX has experienced a 7-day price change of -10.52% and a 14-day decline of -12.16%, highlighting consistent downward pressure. However, the 30-day price change of +2.08% indicates some recovery potential in the longer term, though it has not translated into immediate upward momentum.

Overall, while Avalanche has shown some signs of recovery in the 30-day view, the recent bearish trends in both shorter-term RSI and moving averages suggest continued selling pressure. Given the current technical indicators and price action, the recommendation is to Hold. This position allows for potential recovery while avoiding the risks associated with entering a declining market.