Why is FIO Protocol’s FIO Token Surging?

FIO Protocol’s native token, $FIO, has seen a significant price surge over the last day, jumping 58.72% to $0.045946 according to data from CoinMarketCap. The trading volume over the past 24 hours reached $118.7 million as investors piled into the token.

The price spike comes three years after FIO hit its all-time high of $0.569 in April 2021. Even with the latest rally, FIO still trades about 92% below that peak.

FIO Protocol aims to boost mainstream cryptocurrency adoption by replacing complex wallet addresses with easy-to-use “Crypto Handles.” These customized handles use a username@domain format similar to email addresses to simplify sending, receiving, and signing transactions. The project’s native token, FIO, powers fees and governance on the FIO Chain blockchain built using a Delegated Proof of Stake (DPoS) consensus model.

Bullish Predictions for FIO

Some crypto analysts see even more upside potential for FIO amid the latest price surge. AVA Crypto’s automated X account, AVAcryptoSignal, posted that its analysis shows a “perfect bullish wave” for FIO, with 80% of the projected profit already achieved. It told its followers, “Don’t miss out on this opportunity!”

Based on the chart analysis still, the price broke out of the descending channel pattern 8 weeks ago, and all the moves to make the breakout fail have been abortive, and the price has been consolidating (trading sideways since then).

With the support constantly holding for the past 7 weeks, the bulls are now more confident to push the price higher. The confidence is also reflected in the more than 2,600% increase in trading volume it has had in just 24 hours.

Similarly, Crypto | ChartMonkey X account highlighted FIO as a top new “trading opportunity,” also pointing to bullish technical analysis.

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With momentum shifting in favour of the bulls, crypto experts have chimed in with optimistic outlooks for FIO. Besides the massive 24-hour surge, they point to increased development activity and growing awareness around FIO Protocol’s mission to simplify cryptocurrency payments.

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Samuel Munene
Samuel Munene

Samuel is a vesatile and seasoned content editor with a sharp eye for detail and a passion for writing. Web3 techonology is the future! With massive experience in the publishing industry, I specialize in refining and enhancing written material to ensure clarity, coherence, and engaging narratives.