Injective (INJ) is currently trading at $3.62, showing a slight decline of 0.10% over the past 24 hours. The daily price action has remained within a range of $3.47 to $3.77, indicating a relatively tight trading range with a daily volatility of only 0.3%.

Trading volume has been significant at 59,040,338, which corresponds to a volume-to-market cap ratio of 16.27%, suggesting healthy market activity. However, the hourly moving averages present a bearish outlook; the 8 SMA is at $3.63 (-0.35%), and the 144 SMA is notably lower at $3.82 (-5.18%), indicating downward pressure over the longer term.

The Relative Strength Index (RSI) readings show a mixed sentiment; the 1-hour RSI is neutral at 49, while the 7-day RSI at 41 indicates a bearish momentum. Over the past 7, 14, and 30 days, the price has significantly decreased by approximately 18.40%, 21.10%, and 31.02%, respectively, reflecting a strong downtrend.

Injective's all-time high of $52.62, achieved earlier this year, indicates substantial potential for recovery if bullish sentiment returns. However, the current price action and momentum indicators suggest that the asset is still in a bearish phase, with significant resistance ahead before approaching prior highs.

Given the technical indicators and current market sentiment, the recommendation for Injective (INJ) is to Hold. This stance allows for a reassessment in the face of potential recovery signals while avoiding further losses if the downtrend continues. A shift to a Buy rating would require a clear break above the $3.80 resistance level with accompanying volume and bullish momentum.