Injective (INJ) is currently trading at $4.58, reflecting a 24-hour change of -2.87%. The price has seen a daily range of $0.26, with a high of $4.76 and a low of $4.50, indicating a relatively stable trading environment despite the slight downward trend.

The volume over the last 24 hours stands at approximately 46.13 million, contributing to a volume-to-market cap ratio of 10.07%. Moving averages reveal a bearish sentiment, with the 8, 13, and 21-period SMAs all showing declines, while the 144-period SMA indicates a more significant downturn of -7.04% from its average price, suggesting weakness in the medium to long-term trend.

Short-term momentum indicators reveal an oversold condition, with the 1-hour RSI at 31, indicating potential for a price rebound. However, the 7-day RSI at 45 suggests that the asset is still trading in a neutral zone but has experienced a notable decline of 13.82% over the past week and 9.68% over the past two weeks, reflecting a deteriorating market sentiment.

Despite a slight uptick of 1.40% over the last 30 days, the recent bearish trends and the significant distance from its all-time high of $52.62 indicate a challenging market environment for INJ. Given the current price action, volume trends, and moving averages, there is a risk of further downside in the short term.

Based on this analysis, the recommendation is to Hold. While there are signs of potential overselling, the overall trend remains bearish, and a clearer signal of recovery is needed before considering a Buy.