Injective (INJ) is currently trading at $3.36, reflecting a 4.94% decrease over the last 24 hours. The daily trading range has been tight, between a low of $3.36 and a high of $3.59, indicating limited volatility despite a substantial trading volume of 55,672,923, which constitutes 16.55% of its market cap.

The short-term moving averages are showing bearish momentum, with the 8 SMA at $3.42 (down 1.65%) and the 13 SMA at $3.43 (down 2.13%). The longer-term averages are also underperforming; notably, the 55 SMA is at $3.61, down 6.93%, suggesting sustained downward pressure in recent trading sessions.

The current 1-hour RSI is at 32, indicating that INJ is approaching oversold territory, while the 7-day RSI is at 52, showing a neutral stance over the past week. The recent price changes reveal a mixed sentiment, with a 7-day increase of 8.25%, but a significant 30-day decline of 25.92%, highlighting volatility and uncertainty in the longer term.

Injective's all-time high was $52.62 on March 14, 2024, which reflects the potential for substantial price recovery, but current price levels suggest a significant correction since then. The overall market sentiment appears bearish, with current trends suggesting that traders are cautious and reactive to short-term price movements.

Given the bearish indicators from moving averages, a low RSI suggesting potential overselling, and recent price declines, a Hold rating is warranted. Investors should closely monitor for any reversal patterns or bullish signals before considering an entry point, as further downside could still be possible in the near term.