Avalanche (AVAX) is currently trading at $8.54, showing a 24-hour decline of 3.31%. The daily price has fluctuated between a high of $8.89 and a low of $8.55, indicating a relatively narrow trading range of 0.34%.

The volume over the past 24 hours stands at approximately 241.48 million, with a volume-to-market cap ratio of 6.54%. This suggests moderate trading activity, but the downward price trend reflects bearish sentiment, compounded by the fact that the asset has lost 15.59% over the past week and 29.23% over the past 14 days.

Moving averages indicate short-term bearish momentum, with the 8-period SMA at $8.77, representing a decline of 2.58%. Similarly, the 13-period and 21-period SMAs are at $8.75 and $8.77, respectively, both indicating negative trends, while the 55 SMA shows a sharper decline of 4.10% and the 144 SMA at $8.98 reflects a 4.92% drop.

The 1-hour RSI is at 34, suggesting that AVAX is nearing oversold conditions, while the 7-day RSI at 46 indicates that the asset remains in a consolidation phase. With a significant price drop of approximately 37.78% over the last month, the technical indicators lean towards continued selling pressure.

Given the substantial distance from its all-time high of $144.96, AVAX appears to be significantly undervalued in the long term, but short-term signals are bearish. The current price action and indicators suggest that investors should adopt a cautious approach.

Overall, with short-term bearish trends and a lack of immediate bullish signals, I recommend a Hold rating on AVAX. This is to allow for potential price stabilization and reassessment of market conditions before making further trading decisions.