Injective (INJ) is currently trading at $3, reflecting a significant decline of 15.07% over the past 24 hours. The asset has seen a daily high of $3.54 and a low of $2.96, indicating high volatility within a narrow daily range of 0.58%.

The trading volume is substantial at 114,130,020, representing a volume-to-market cap ratio of 38.22%, suggesting heightened investor activity. However, the bearish momentum is evident as all short-term moving averages (8 SMA to 144 SMA) are below the current price, indicating a persistent downtrend.

Technical indicators support the bearish sentiment, with the 1-hour RSI at a critically low level of 12, signaling oversold conditions. Meanwhile, the 7-day RSI of 38 suggests that the asset is nearing oversold territory, but it has not yet reached a buy signal.

Over the past week, INJ has declined by 26.68%, while the 14-day and 30-day price changes show a more severe drop of 34.40% and 46.93%, respectively. This consistent downtrend reflects weak market sentiment and a lack of buying pressure, despite the potential for a rebound.

Given the significant distance from its all-time high of $52.62, reached in March 2024, INJ appears undervalued but also carries substantial risk. Current price action and technical indicators suggest that while a rebound may be on the horizon, the prevailing trend is still bearish.

Considering the data, the recommendation for Injective (INJ) is to Hold. The asset is oversold, which may present a buying opportunity, but current momentum and price action suggest that caution is warranted before re-entering the market.