Avalanche (AVAX) is currently priced at $8.89, reflecting a 24-hour decline of 4.56%. The daily trading range remains narrow at 0.61%, with a high of $9.46 and a low of $8.85, indicating limited volatility in the short term.

Volume stands at 329,183,023, contributing to a market cap volume ratio of 8.58%, which suggests moderate trading activity relative to its market capitalization. The hourly moving averages indicate a bearish trend, with the 8 SMA at $9.00 down 1.20%, and longer-term SMAs also showing negative momentum, particularly the 55 SMA at $9.34, down 4.82%.

The Relative Strength Index (RSI) values indicate significant bearish pressure, with an hourly RSI of 14, suggesting potential oversold conditions in the very short term. Meanwhile, the 7-day RSI at 48 shows a neutral stance, but the recent price changes of -2.73% over the last week and -26.50% over the last month highlight a sustained downtrend.

Given that Avalanche’s all-time high of $144.96 occurred in November 2021, the current price reflects a substantial depreciation. The bearish moving averages combined with high selling pressure and declining RSI metrics suggest that the current trend is unfavorable for immediate recovery.

Considering the current market conditions and technical indicators, the recommendation for AVAX is to Hold. The oversold conditions may offer a potential bounce in the short term, but the overall trend remains bearish, warranting caution before any new purchases.