Avalanche (AVAX) is currently priced at $12.05, experiencing a slight decline of 0.46% over the past 24 hours. The daily trading range is narrow, fluctuating between $11.93 and $12.38, reflecting low volatility in the market.

Volume stands at approximately $369.88 million, with a volume-to-market cap ratio of 7.12%, indicating moderate trading activity relative to its overall market capitalization. The short-term moving averages, particularly the 8 SMA at $12.16 and the 13 SMA at $12.20, are trending downwards, which may suggest bearish sentiment among traders.

The one-hour RSI is at 42, positioning AVAX near the neutral threshold, while the seven-day RSI of 40 indicates that the asset may be approaching oversold territory. The price has dropped significantly over the past week by approximately 18.8%, suggesting a persistent downtrend that could deter potential buyers.

On a longer time frame, AVAX has seen a 14-day price change of -14.24% and a 30-day decline of -2.45%, reinforcing the bearish momentum. The price remains significantly below its all-time high of $144.96, achieved in November 2021, highlighting the long-term downward trajectory.

Given the current technical indicators and the bearish price action over various time frames, a cautious approach is warranted. The combination of low RSI values and declining moving averages suggests that further downside may be possible before a reversal occurs.

Based on this analysis, the recommendation for Avalanche (AVAX) is to Hold. This allows for potential upside if a reversal occurs, while avoiding new positions until clearer bullish signals emerge.