Injective (INJ) is currently priced at $4.67, reflecting a significant decline of 10.27% over the past 24 hours. The daily trading range has been relatively tight, between a high of $5.27 and a low of $4.60, indicating a lack of bullish momentum.

The trading volume stands at approximately $71.19 million, contributing to a volume-to-market cap ratio of 15.24%. This suggests moderate market activity, but the substantial drop in price could be a reaction to recent selling pressure rather than healthy accumulation.

Technical indicators show an alarming 1-hour RSI at 21, indicating oversold conditions, while the 7-day RSI at 45 suggests potential for a short-term recovery if buying interest emerges. However, the short-term moving averages (8 SMA at $4.85, 13 SMA at $4.99) are trending downward, indicating continued bearish sentiment.

The longer-term moving averages also reflect bearish pressure, with the 55 SMA at $5.24 and the 144 SMA at $5.32 indicating that resistance levels are well above the current price. The overall trend has been negative, with 7-day, 14-day, and 30-day price changes at -7.85%, -9.55%, and -3.66% respectively, pointing to a consistent downtrend.

Injective’s all-time high was $52.62 in March 2024, significantly distant from the current price, raising concerns about the sustainability of its previous levels. While the oversold RSI could indicate a potential short-term bounce, the prevailing bearish trend suggests caution.

Given the current technical setup, including the declining moving averages and negative price momentum, a Sell rating is warranted. Investors should consider waiting for clearer bullish signals or a more favorable entry point before re-entering this asset.