FxWirePro- INJUSD (Chart of the day)

Injective is an open interoperable smart contract layer-one blockchain network optimized for decentralized finance applications. Injective is the only lightning-fast blockchain optimized for building financial applications.

Tendermint Proof-of-stake-

Injective is built with the Cosmos SDK, enabling instant transaction finality through the Tendermint proof-of-stake consensus framework.Validators are selected based on the INJ token they have staked and their overall reputation.

CosmWasm is a smart contract platform built on Cosmos ecosystems capable of autonomous logic execution to ship truly decentralized applications with a flexible development suite powered by Rust programming language.

Main features of Injective

Current TPS- 25000

Block time-< 0.64 seconds

Average fees per transaction-$0.0003

Time to finality -Instant

INJUSD has traded higher for the past two weeks and surged more than 60%. It hit a high of $27.13 and currently trading around $26.20. The pair is holding above the short-term (21 and 55-day EMA) and long-term moving average (200-day EMA).

The near-term resistance is around $30, any indicative breach above will take the pair to $37/$43/$50.On the lower side, immediate support is $23, and any violation below targets $20/$1/$14/$10.

Indicators ( 4 hour chart)

Directional movement index - Bullish

It is good to buy on dips around $22-22.50 with SL around $16 for TP of $37.

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