Injective (INJ) is currently trading at $3.12, reflecting a 24-hour decline of 5.18%. The daily price range has been relatively narrow, with a high of $3.30 and a low of $3.07, indicating low volatility in the market.

Trading volume stands at approximately 37.8 million, representing 12.09% of its market cap. The hourly moving averages show a mixed trend, with the 8 SMA indicating slight upward momentum at $3.11, while longer-term SMAs are trending downward, suggesting potential bearish sentiment.

The 1-hour Relative Strength Index (RSI) is at 33, indicating that INJ is nearing oversold conditions, which could lead to a short-term rebound. However, the 7-day RSI at 50 reflects indecision, while the 14-day and 30-day price changes of -12.55% and -41.92% respectively highlight a significant bearish trend over the longer term.

Considering the current price relative to its all-time high of $52.62, INJ has substantial room for recovery but is currently underperforming. The recent price action and moving average trends suggest that bearish pressure is still dominant in the near term.

Based on the analysis, I recommend a Hold rating. While there may be potential for a rebound given the oversold conditions, the overall trend remains bearish with significant downside risk. Investors should wait for clearer bullish signals or a sustained price recovery before considering new positions.