Injective (INJ) is currently trading at $6.10, reflecting a 5.01% increase over the last 24 hours. The daily trading range has been relatively narrow, with a high of $6.11 and a low of $5.81, indicating stable price action within this period.

Volume has reached approximately $78.85 million, representing 12.92% of the market cap, which suggests healthy trading activity and interest in the asset. The hourly moving averages indicate a bullish trend, with the 8 SMA showing a 1.32% increase and the 55 SMA reflecting a more significant rise of 3.62%.

The one-hour RSI stands at 59, indicating that INJ is nearing overbought territory but still maintains room for upward movement. Conversely, the 7-day RSI at 54 suggests that the price is not yet overextended, allowing for potential further gains in the near term.

Despite a negative price change over the past week (-2.77%), the asset has experienced more pronounced declines over the last 14 days (-16.46%) and 30 days (-29.93%). The significant drop from its all-time high of $52.62 indicates a considerable correction, but the current price might be establishing a new support level.

Considering the technical indicators and recent performance, INJ demonstrates signs of recovery with a positive short-term momentum. However, the longer-term declines suggest caution, as the asset may still face resistance before regaining previous highs.

In conclusion, I recommend a Hold rating for Injective (INJ) at this time. While short-term indicators are favorable, the longer-term downtrend and proximity to overbought levels warrant a careful approach before committing to a Buy.