Firo Network Upgrade Gains Momentum with Binance Backing

Binance recently announced its support for the FIRO network upgrade, which is expected to bring significant improvements.

Following this news, FIRO, a privacy-focused cryptocurrency, saw a nearly 3% price increase. This support marks a key moment for FIRO, previously known as Zcoin, as Binance prepares for the changes ahead.

FIRO's Hard Fork and Upgrade: Key Details

Binance shared a blog post confirming its backing for FIRO's hard fork and network upgrade. According to the post, this development is scheduled for September 16.

To ensure smooth transitions, Binance will halt FIRO deposits and withdrawals on the same day at 04:00 UTC. The hard fork will occur at block height 958,655, around 05:00 UTC.

The upgrade, Firo v0.14.14.0, comes with community-approved changes to the project's tokenomics.

FIRO will stop all future halvings, and its token supply will reach 21.4 million ahead of schedule in the next 5 - 6 years. After that, the token inflation rate will decrease from 0.98% p.a. Users can refer to the project tokenomics for more information." Binance added.

After the upgrade, block rewards will be redistributed: 70% to Masternodes, 5% to Miners, 15% to the Development Fund, and 10% to the Community Fund.

FIRO's community hopes these changes will benefit the project's long-term sustainability.

FIRO Price Boosts After Announcement

Following Binance's announcement, FIRO's price increased by nearly 3%. Currently, FIRO trades at $1.112, with a 24-hour low of $1.07 and a high of $1.14. Its 24-hour trading volume also grew by 19.60%, reflecting market interest in the upcoming upgrade.

Based on the chart, Binance's support is fueling bullish sentiment, with FIRO closer to breaking above its 200-day SMA line. A break above this level will likely send FIRO to its previous high of $1.232.

Also, this 200-day SMA line can act as a support to prevent any potential downward movement. The MACD is slightly above its signal line, and the green histogram bars are growing.

If the momentum is sustained, there's a strong possibility of a rally ahead.

The Price Volume Trend (PVT) stands at 49 million, indicating investors are buying more FIRO coins. In addition to the PVT, the Chaikin Money Flow (CMF) indicator is at 0.20.

A positive CMF, especially one above 0, suggests more money flows into the market than out of it. Moreover, FIRO has formed a bullish trendline, further confirming this positive outlook.

Given these indicators, traders should expect FIRO's price to continue its upward momentum.

The strong PVT and CMF values and the bullish trendline suggest the market is leaning towards buying pressure. Traders can anticipate a potential breakout if FIRO continues to attract interest and capital, especially if it breaks through key resistance levels ($1.147).

Historically, Binance's support for tokens often leads to a positive price movement.

With heightened optimism within the community and this support, FIRO could hit $1.20 soon. However, note that the crypto market is unpredictable. So, be prepared before entering the market.

The post Firo Network Upgrade Gains Momentum with Binance Backing appeared first on The Tech Report.