Here's What Triggered the FIRO Price Rally | Credit: Hameem Sarwar
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Key Takeaways
FIRO trades inside the $3 horizontal resistance area.
The FIRO price has increased by 450% since September.
Will FIRO finally break out, or will it fail again?
FIRO has taken the crypto market by surprise with its 450% surge since September, pushing the price to test the long-standing $3 resistance level.
As anticipation builds ahead of its November 19 hard fork, traders are closely watching whether this privacy coin can finally break through its 3-year resistance.
If successful, FIRO could expand at an even more accelerated rate. Let’s examine the charts and determine if that’s possible.
FIRO Price Reaches Resistance
The weekly time frame price action shows that FIRO has reached the $3 horizontal resistance area after a 450% price increase since the September lows.
The $3 area is critical, as it has remained stable for nearly three years, encompassing the price movement since June 2022.
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If the FIRO price breaks out, it could accelerate its upward movement even further, hitting the next resistance at $4.80.
However, it remains unclear whether the price will successfully break out. Previously, FIRO has moved above this resistance numerous times but never managed to close above it.
As a result, the same thing may happen again this time.
Momentum indicators, however, are bullish. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are both increasing.
Although they are overbought, neither has created a bearish divergence, indicating that the upward trend may continue.
Hence, a weekly close above $3 will confirm the bullish FIRO prediction, possibly taking the price to a high near $4.80.
FYRO Social Sentiment
Social sentiment surrounding FIRO has increased in tandem with its price. A positive trait is that the interest around FIRO is organic, rather than being driven by Key Opinion Leaders (KOL).
This lack of interest is a sign that FIRO remains relatively obscure, and something must happen for it to enter the spotlight.
It remains to be seen whether a sustained price increase or a hard fork will be enough to drive FIRO interest higher.
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Possible FIRO Local Top
While the weekly time frame indicates that the FIRO price is on the verge of a breakout, the daily one suggests a correction is imminent.
According to technical analysis, the FIRO price has completed a five-wave upward movement (green) since April, with wave five extending.
If this is the case, FIRO will soon initiate an A-B-C correction (red), retracing a significant portion of its gains.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
