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- 1 Elon Musk changed Twitter’s Logo from the iconic bluebird to the Kabosu Doge, making Floki move.
- 2 FLOKI price gained about 11% after the logo went viral.
- 3 Trading volume shot up by 154% as buyers flooded the market.
Floki took to Twitter to celebrate the new Kabosu-themed logo for Twitter, and registered a celebratory 11% rally intraday. Around midnight, Twitter CEO, Elon Musk replaced the iconic bluebird logo with Kabosu dog as the new logo for Twitter. Following the change, almost all dog-themed tokens took the road up. FLOKI price abruptly spiked with a 11% price rally over 24 hours. Many speculate the change is an initiative to regain the trust from Kabosu community after the Dogecoin lawsuit against Elon Musk.
The ongoing lawsuit may have triggered negative sentiments in the meme-crypto community, but the logo-change could turn things around. The recent hype in the Floki price rally may uplift the market in the short term or even establish a long-term positive outlook among Floki investors. The initial stage of the rally lured many potential investors making Floki buyer-dominant.
Floki As CEO; Rally on its Way
On the 1-day chart, FLOKI price formed a pennant pattern, with the current price approaching a breakout. The current price was achieved after a rally of 11% in a single trading session. The declining volume saw an uptick as buyers flooded the market. If the current momentum is maintained and the breakout level at $0.0000395 is successfully breached, an uptrend with sustained momentum may be established. The uptick in OBV shows the market turning optimistic for FLOKI.
FLOKI price uptick can be verified with indicator patterns as well. The CMF is spiked up due to the hype and indicates arriving bulls. The MACD formed a sharp positive divergence under bullish influence and recorded tall buyer bars. The RSI pierced into the upper half range showing increasing buyer dominance. The indicators turned bullish rapidly amid news of the logo change.
A Small Twirl
FLOKI price in the smaller time frame forms a staggered rally as sellers wish to book profits at the higher levels. The CMF escalates to the higher ranges suggesting a bullish momentum in prices. The MACD undergoes a bullish divergence and records ascending buyer histograms. The RSI shoots up and tries to reach the overbought zone, indicating multiplying buyers.
Conclusion
FLOKI price witnessed an uptick after Twitter CEO, Elon Musk, changed the micro-blogging site’s bluebird logo to Kabosu dog. This change raised an optimistic sentiment among the doge-themed memecoin community. The uprise is visible in the indicators and a price rocket is formed in the chart. The holder can rely on the support near $0.000032680.
Technical levels
Support levels: $0.00003268 and $0.00002025
Resistance levels: $0.00005376 and $0.00005530
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
