Avalanche (AVAX) is currently trading at $8.56, reflecting a 24-hour change of -4.92%. The daily price range shows a high of $9.05 and a low of $8.35, indicating a relatively narrow trading range of 0.7%, suggesting low volatility in the short term.

Trading volume over the past 24 hours stands at approximately $269 million, which constitutes 7.28% of the market capitalization. The significant drop in price along with a lower volume suggests a lack of buyer confidence at current levels, further exacerbated by a declining trend in the 7-day and 14-day price changes of -7.47% and -5.43%, respectively.

Technical indicators present a bearish outlook; the 1-hour RSI is at 33, indicating oversold conditions and potential for a short-term reversal. However, the 7-day RSI at 45 shows it is still in a neutral range, reflecting ongoing selling pressure in the longer term.

Moving averages also support a bearish sentiment with the 8 SMA at $8.57 and the 13 SMA at $8.66, both showing negative trends. The longer-term 55 and 144 SMAs are at $9.01, indicating that the price must reclaim these levels to signal a bullish reversal.

Given the current technical indicators, the downward trend and lack of bullish momentum, a Sell rating is warranted. The confluence of bearish moving averages, low RSI readings, and negative price changes suggest further downside potential in the short to medium term for AVAX.