Injective (INJ) is currently trading at $5.30, reflecting a significant 10.90% decline over the past 24 hours. The daily price range shows a high of $5.99 and a low of $5.30, indicating bearish pressure as the asset nears its lower boundary.

Volume stands at approximately 55.34 million, representing 10.44% of its market cap, suggesting moderate liquidity but a potential lack of buying interest at this level. The hourly moving averages indicate a persistent downward trend, with the 8, 13, 21, and 55 SMAs all showing declines between 9.88% and 10.94%.

The 1-hour RSI is at a critical level of 19, indicating extreme oversold conditions and potential for a short-term rebound. In contrast, the 7-day RSI of 47 suggests a neutral sentiment, but the recent price changes over 7, 14, and 30 days indicate a strong downtrend, with losses of 0.89%, 18.40%, and 30.15%, respectively.

Injective's all-time high of $52.62 reached in March 2024 highlights the significant distance from current levels, indicating that the asset is under considerable selling pressure. The continued decline may attract opportunistic traders, but the prevailing trend remains negative.

Given the current technical indicators and market conditions, a cautious approach is advised. The oversold RSI presents a possible short-term buying opportunity, but the overarching trend suggests further downside risk.

Rating: Hold. While the extreme oversold condition may offer a short-term bounce, the overall trend and significant losses over multiple time frames indicate that a more favorable entry point may be prudent.