The INJ Community BuyBack event is expected to kick off tomorrow, providing a special chance for selected users to take part in it. Considering the value of the event in January, which was over $289,000, the buyback event is not just an activity to buy back the tokens. It’s meant to burn the INJ tokens, which may increase the value of the token in the long run by making it scarce in the marketplace.
The whitelisted individuals will be given the opportunity to shape the future of the INJ ecosystem. This is not a typical buyback program, as it will be the opportunity to take an active role in shaping the future of the token. Keep it locked for the announcement of the event where INJ tokens will be burned under the updated mechanism.
INJ Eyes Trend Reversal With Explosive Rally Ahead
However, the crypto analyst, Lucky, revealed that the token is trading close to $5, considering the strong fundamentals and ecosystem the token boasts. Traders are of the view that this is only a temporary phase and are waiting for the opportunity to enter and reap the benefits when the token surges. Activity is increasing, and there is cautious optimism among traders.
Source: X
Looking forward, the token has visible upside levels that could draw the attention of traders. For the short term, the coin may rise to $16.50 if the buying force gains more strength, but the long-term forecast indicates that $22 is possible. T
raders are closely observing the trading volume, market, and adoption trends because, based on these elements, the success of the coin in moving above the resistance levels would be determined.
INJ Market Cap Builds Momentum Despite EMA Resistance
The token has also been consolidating after a prolonged downtrend, exhibiting signs of a possible recovery. The current market is testing the 50-day EMA (around $547M) after breaking above the 20-day EMA (around $508M), which is a positive indication.
The daily charts also show that market buyers are entering the market, but the market is yet to break above the 100-day EMA (around $677M) and the 200-day EMA (around $885M).
Source: TradingView
The RSI also sustains a cautiously optimistic outlook with a reading of 57.8 after the pullback from the middle level around 51.3, implying an increase in buying momentum without reaching the overbought level. A breakout above the 100-day EMA could push the token to further heights, while a break below the 20-50 EMA could lead to a pullback to $508M.
Also Read: Injective Network Usage Jumps to 87K Users as INJ Bulls Target $7 Resistance
