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$INJ : Support Holding Strong as Community Buyback Goes Live!
Injective is showing resilience today! While the broader market remains in a consolidation phase,
$INJ is flashing some key technical and fundamental signals that every trader should watch.
📊 Technical Breakdown (1H Chart):
• Current Price: 5.539 USDT
• Support & Resistance: The price recently bounced from a 24h low of 5.442 and is currently consolidating. It is battling resistance at the MA(7) of 5.600 and MA(25) of 5.605.
• Long-Term Floor: The MA(99) at 5.305 remains the critical level for bulls to defend to maintain the current recovery structure.
• Volume: We saw a significant volume spike earlier in the day, reaching a 24h volume of 1.78M INJ, signaling active participation around these price levels.
🚀 Major Catalyst: The Community Buyback
Today, January 14, marks the launch of the Injective Community Buyback program!
• Deflationary Pressure: Protocol fees are being used to repurchase and burn tokens, directly tightening the circulating supply.
• Staker Rewards: Active stakers are receiving priority access to buyback slots, further incentivizing long-term holding.
• Adoption Growth: This news comes alongside a surge in activity, with Revolut users staking over 200,000 INJ recently and daily active users hitting an average of 87,000 this month.
💡 The Verdict
Analysts are eyeing a medium-term target in the $5.80 – $6.50 range if
$INJ can break through current technical resistance. With the deflationary burn mechanism now in full swing, the supply-side pressure could provide the fuel needed for a breakout.
What’s your strategy? Are you staking for the buyback priority or waiting for a confirmed break above 5.80? Let’s discuss below! 👇
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