Here is a technical analysis report based on the provided chart for $FIO /USDT:
The $FIO /USDT pair has seen a significant upward surge, currently trading at $0.04689, marking a massive 68.37% increase in the last 24 hours. The price reached a high of $0.05140 during this period after rebounding from a low of $0.02724. This sharp bullish move suggests strong momentum, driven by high trading volume, as the 24h volume stands at 1.15B FIO tokens traded, paired with 51.75M USDT. The infrastructure gainer tag further emphasizes the coin's growing interest among traders.
In the shorter 4-hour time frame, FIO/USDT has experienced a strong breakout from previous resistance levels, with the price initially bottoming around $0.02476. This breakout shows the price forming a solid green candle, indicating a potential continuation of the bullish trend if the momentum persists. Traders looking for long positions might target resistance levels near $0.05140, while keeping an eye on any retracements towards the support around $0.04296.
However, caution is advised, as such rapid price movements can lead to volatile pullbacks. The current price is trading slightly below the 24h high, which could act as a resistance point. A failure to break above this high might push the price back to test the lower support levels, with potential short opportunities emerging if a reversal occurs.
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