Wrapped AVAX (WAVAX) is currently priced at $23.87, reflecting a 24-hour decline of 5.33%. The daily trading range has been relatively narrow, with a high of $25.34 and a low of $23.40, indicating a volatility of just 1.94% over the past day.

Trading volume stands at approximately 276.87 million, representing 73.52% of its market cap, suggesting significant market activity. The short-term moving averages, particularly the 8 SMA and 13 SMA, are slightly bullish at $23.73, but longer-term averages such as the 21 SMA and 55 SMA indicate downward pressure, suggesting a lack of momentum.

The 1-hour and 7-day RSI are both at 48, indicating a neutral position and suggesting that WAVAX is neither overbought nor oversold. Despite the recent price drop, the 7-day price change shows a slight gain of 1.42%, while the 14-day price change is more substantial at 6.41%, pointing to a potential short-term recovery.

The all-time high for WAVAX remains significantly higher at $2000.68, achieved in December 2022, indicating a long-term downtrend from that peak. The current price is substantially lower than historical highs, which could attract bargain hunters but also reflects ongoing market challenges.

Given the current technical indicators, WAVAX is at a critical juncture with mixed signals; short-term moving averages show some bullishness, but longer-term indicators suggest ongoing bearish sentiment. Considering the recent price decline and the neutral RSI, a Hold rating is warranted as traders should await further confirmation of upward momentum before committing to a Buy.