Injective Community Approves Proposal to Slash INJ Token Supply with 99.9% Vote
- Governance Proposal Passed: The Injective community overwhelmingly approved a proposal to reduce the INJ token supply with a 99.9% vote, marking a significant shift in its economic policy aimed at enhancing long-term value through limited new token issuance.
- Deflationary Model Implementation: The new policy will permanently cap the issuance of INJ tokens while strengthening the existing burn mechanism, expected to create deflationary pressure by reducing circulating supply and increasing token scarcity.
- Historical Context: Since its mainnet launch, Injective has burned approximately 6.85 million INJ tokens, and the approval of this proposal further solidifies community confidence in ongoing supply reduction, reflecting a mature governance structure.
- Market Impact: This governance decision may positively influence investor perception, signaling Injective's commitment to long-term management and a sustainable economic model, with future success hinging on network utility and security.
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Technical Analysis for INJ
Technical Sentiment Analysis for Injective (INJ) As of , Injective (INJ) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for INJ stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, INJ is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Injective (INJ) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 1.328 | 1.989 | 2.686 | 3.347 | 4.044 | 4.705 | 5.402 |
| Fibonacci | 1.989 | 2.508 | 2.828 | 3.347 | 3.866 | 4.186 | 4.705 |
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