Injective (INJ) is currently trading at $5.89, reflecting an impressive 24-hour change of 8.67%. The daily range has been tight at just 0.58%, with a high of $5.89 and a low of $5.31, indicating a bullish sentiment in the short term despite a recent downtrend over the past week, month, and two weeks.

The trading volume stands at approximately $86.55 million, representing 14.69% of the market cap, suggesting healthy liquidity. Technical indicators show that short-term moving averages (8 SMA at $5.55, 13 SMA at $5.52) are trending positively, while the 144 SMA at $5.86 indicates a slight resistance level.

The 1-hour RSI is at 73, indicating overbought conditions, while the 7-day RSI at 46 suggests that the asset is nearing equilibrium after a longer-term decline of 7.45% over the past week and more significant drops of 28% and 30% over the last two and four weeks, respectively. This divergence points to potential short-term profit-taking, particularly given the recent volatility.

Fundamentally, the current price is significantly below its all-time high of $52.62, reached earlier in March 2024, suggesting substantial room for recovery but also highlighting the risks associated with its current volatility. The short-term bullish movement could be supported by increased market interest, but the longer-term bearish trend requires cautious navigation.

Given the current price action, strong short-term momentum, but longer-term bearish indicators, the recommendation for Injective (INJ) is to Hold. While the recent gains could indicate a reversal, the broader downtrend and overbought signals warrant a wait-and-see approach to assess further price stability.