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.
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).
However, mentions are still quite low when considering how much its price has increased in the last few months.
While there are users who consider FIRO the next privacy coin to take over, social sentiment around it is not that robust yet.
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.
The bearish divergence in the Relative Strength Index (RSI) supports this hypothesis, since that often marks the top of wave five.
As a result, the FIRO price could complete its A-B-C correction toward the $1.47 to $1.84 support level.
FIRO Price Breakout Uncertain
While momentum remains strong, the potential for a local correction looms as FIRO completes a five-wave rally.
A failed breakout could see the price retrace toward the $1.47–$1.84 zone before attempting another leg up.
However, if FIRO closes decisively above $3, it could confirm a bullish trend continuation toward $4.80.
