Injective Price Analysis: INJUSD Trades Higher for the Past Two Weeks and Surged More Than 60%

Injective is an open interoperable smart contract layer-one blockchain network optimized for decentralized finance applications.

Injective is a decentralized finance (DeFi) blockchain optimized for building financial applications. It is a layer-one blockchain that uses the Tendermint proof-of-stake consensus protocol and the Cosmos SDK. Injective is also integrated with CosmWasm, a smart contract platform that allows developers to build decentralized applications (dApps) with autonomous logic execution.

Injective boasts several key features:

- High transaction throughput, currently boasting 25,000 transactions per second (TPS).

- Rapid block confirmation times, averaging less than 0.64 seconds.

- Low transaction fees, averaging $0.0003 per transaction.

- Near-instant transaction finality, thanks to the Tendermint consensus protocol.

INJUSD has been displaying bullish momentum over the past two weeks, registering an impressive surge of over 60%. The pair's highs reached $27.13, and it is currently trading around $26.20. Notably, INJUSD has been trading higher throughout the past two weeks.

The pair is positioned above the short-term (21 and 55-day EMA) and long-term moving averages (200-day EMA). Resistance levels are present at $30, and a breakout above could lead to further gains towards $37, $43, and $50.

On the downside, immediate support lies at $23, and a break below could open up targets at $20, $17, $14, and $10.

Technicals (4-hour chart)

Directional movement index (DMI): Bullish

suggesting a stronger uptrend.

The relative strength index (RSI) is indicating a neutral zone with a reading of 47.

suggesting that the market is balanced between buyers and sellers.

The moving average convergence divergence (MACD) is displaying a bullish crossover with the MACD line above the signal line.

This bullish trend is further supported by the histogram bars, which are increasing in height.

A promising buying opportunity could arise on dips near $22-22.50, with a stop loss (SL) set around $16 and a take profit (TP) target of $37.

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