Injective (INJ) is currently trading at $3.42, experiencing a 24-hour decline of 5.26%. The daily trading range has been relatively narrow, with a high of $3.67 and a low of $3.36, indicating reduced volatility in the short term.

The volume over the last 24 hours stands at approximately $56.86 million, representing a volume-to-market cap ratio of 16.62%. This suggests a healthy trading activity relative to its market capitalization, but the negative price movement indicates selling pressure.

Analyzing the moving averages, the 8 SMA at $3.45 is down 0.93%, while the 13 SMA and 21 SMA are also trending downward by 2.06% and 2.89%, respectively. The longer-term 55 SMA is showing a sharper decline of 5.36%, indicating bearish momentum, although the 144 SMA at $3.36 shows a slight increase of 1.84%, suggesting potential support at this level.

The Relative Strength Index (RSI) on the hourly chart is at 35, indicating that INJ is approaching oversold territory. However, the 7-day RSI at 53 suggests a neutral trend, with the asset not yet significantly overbought or oversold on a longer timeframe.

Over the past week, INJ has recorded a price increase of 9.47%, while the 14-day change is a positive 5.62%. In contrast, the 30-day price change shows a significant decline of 25.26%, highlighting a recent bearish trend that investors should be cautious of.

The all-time high of $52.62 reached in March 2024 is a significant benchmark for long-term investors, but the current price reflects a substantial retracement from those levels. The current negative price action and bearish moving averages suggest a challenging environment for recovery in the near term.

Given the current bearish sentiment, declining moving averages, and RSI indicators, the recommendation for Injective (INJ) is to Hold. While there is potential for recovery at the $3.36 support level, the prevailing trends suggest caution before entering new positions.