Injective (INJ) is currently priced at $3.56, reflecting a significant 24-hour decrease of 9.02%. The daily trading range is notably narrow at 0.45%, indicating reduced volatility, with a volume of approximately 89.34 million, which constitutes 25.13% of its market cap.

Technical indicators show a bearish short-term sentiment, with the 1-hour RSI at a very low 19, suggesting oversold conditions. In contrast, the 7-day RSI at 54 indicates a neutral stance, but the recent price changes reveal a downward trend over the last 30 days, with a decline of 22.72%.

Moving averages illustrate mixed signals, with the 8-period SMA at $3.62 down 1.54% and the 13-period SMA at $3.65 down 2.56%. However, the 55-period SMA at $3.56 shows a slight uptick of 0.12%, while the 144-period SMA at $3.31 reflects a stronger bullish momentum of 7.47%, indicating potential support.

Given the recent price action and the current oversold RSI levels, there may be an opportunity for a short-term rebound. However, the overall trend over the past month suggests weakness, and resistance levels around $3.65 to $4 could limit upside potential.

Considering the combination of bearish sentiment, the recent price decline, and the overbought indicators, the recommendation is to Hold. This strategy allows for monitoring potential recovery while minimizing exposure to further downside risks.