Injective (INJ) is currently priced at $5.48, experiencing a 24-hour decline of 5.08%. The daily trading range is narrow at 0.45%, indicating low volatility, while the trading volume stands at 58,250,904, representing 10.60% of the market cap, which suggests a moderate level of market interest.

The hourly moving averages are showing bearish trends, with the 8 SMA at $5.47 slightly above the current price and the longer SMAs indicating increasing weakness: the 13 SMA at $5.55 has declined by 1.28%, while the 21 SMA at $5.64 shows a 2.76% drop. Additionally, the 55 SMA at $5.83 reflects a significant decline of 5.99%, indicating sustained downward pressure on price.

The 1-hour RSI is at 31, suggesting that INJ is approaching oversold territory, which could imply a potential rebound in the short term. However, the 7-day RSI at 46 indicates that the asset is not yet in a strong bullish momentum phase, while the 7-day price change shows a decline of 8.36%, signaling continued bearish sentiment.

Looking at broader trends, the 14-day price change is slightly positive at 1.82%, yet the 30-day price change reveals a significant downturn of 16.72%. This aligns with the overall market conditions, where recent highs of $5.82 are still well below the all-time high of $52.62 reached in March 2024, emphasizing the ongoing bearish market sentiment.

Given the current technical indicators and price action, Injective is exhibiting signs of weakness with potential for a short-term correction. Therefore, the recommendation is to Hold, as there could be a slight rebound opportunity, but the overall trend remains downward and warrants caution for new positions.