Injective (INJ) is currently trading at $4.61, reflecting a 24-hour decline of approximately 5.84%. The price has fluctuated within a daily range of $4.60 to $5.06, indicating increased volatility but also potential resistance around the upper threshold.

The trading volume of 64,370,122 corresponds to a market cap volume ratio of 13.94%, suggesting moderate liquidity in the market. However, the recent 1-hour RSI of 33 indicates that INJ is approaching oversold conditions, while the 7-day RSI of 39 suggests a bearish momentum persisting over the past week, with a price drop of 16.59%.

Longer-term trends are concerning, as evidenced by the 14-day and 30-day price changes of -23.28% and -25.86%, respectively. This sustained downtrend signals weakening buyer interest and potential difficulty in regaining upward momentum, particularly in the face of significant resistance levels marked by the 144 SMA at $5.17.

Technical indicators show that all short-term moving averages (8, 13, 21, and 55 SMA) are currently below the current price, signaling a bearish trend. The distance from these averages suggests that further downward movement could be imminent, especially if the market continues to lack positive catalysts.

Given the current price action, persistent downward momentum, and the bearish technical indicators, the outlook for Injective appears negative in the short term. It is advisable to hold off on new positions until clearer signs of reversal or stabilization emerge, as the market sentiment remains weak.

Rating: Hold. The current conditions do not support a buying opportunity, and the potential for further declines warrants caution.