Avalanche (AVAX) is currently trading at $12.62, reflecting a 24-hour price decline of 7.64%. The daily trading range has been relatively tight, with a high of $13.74 and a low of $12.51, suggesting market indecision amid bearish momentum.

The volume stands at approximately $420 million, representing 7.72% of the market cap, indicating a moderately active trading environment. The hourly moving averages indicate a consistent downward trend, with all short-term SMAs showing declines of approximately 7.5% to 9.66% from their respective averages, further confirming bearish sentiment.

The 1-hour Relative Strength Index (RSI) is critically low at 18, suggesting that AVAX is in oversold territory and may be poised for a short-term rebound. However, the 7-day RSI of 45 indicates that the asset is still within a neutral zone, while the 7-day and 14-day price changes of -9.96% and -12.44% reflect a persistent bearish trend over the past two weeks.

Despite a modest recovery over the last 30 days with a price increase of 3.00%, the longer-term trend remains negative, especially when considering the all-time high of $144.96 reached in November 2021. This stark contrast highlights the significant drawdown and the challenges faced by AVAX in regaining bullish momentum.

Given the technical indicators and the current market conditions, the recommendation is to Hold AVAX. This position allows investors to reassess after potential short-term rebounds while avoiding selling into a declining market, particularly given the extremely low RSI that may indicate a reversal opportunity in the near term.