Flow price is back in the green following the launch of Doodles 2 Collectibles on its network. The token has exploded 8% in 24 hours and now sits significantly above its weekly low of $0.96. Flow price was not spared by the widespread dip in the market caused by tension ahead of the United States Open Market Committee (FOMC) meeting and the Federal Reserve decision on the interest rates hike.
Market watchers expected a 0.25% increase in the rates, halfway lower than the 0.5% hike in December. This positive sentiment follows slightly positive inflation figures for December, which happened to have dropped from the levels seen in November.
Although the minor ease in inflation is a positive sign, the battle has not been won yet and the Fed may still use the opportunity to get inflation under control. Therefore, the outcome of the FOMC meeting later on Wednesday could set the pace for the crypto market recovery in February or stifle it altogether.
(1) Steven Anastasiou on Twitter: “Despite what most may be focused on, whether we see one, two, or three more 25bp rate hikes, isn’t key longer-term. The important part is instead what happens to the economy & inflation over the next 6 months – this is what will determine medium-term Fed policy.” / Twitter
Meanwhile, Flow price teeters at $1.06 at the time of writing while bulls work on a crucial escape that might propel it toward $3.00. The token appears to have secured strong support on the downside with the odds likely to favor a bullish upshot.
Doodles 2 collectibles Go Live on Flow – Is It Time to Buy FLOW?
In an announcement sent out on January 26, the team informed the community that Doodles 2 collectibles were coming to Flow. The Flow family welcomed the news with open arms, especially with the launch taking place on February 1.
Flow on Twitter: “We’re excited to announce some massive news… @Doodles is coming to Flow ? It’s time to open a brand new experience in the Doodles universe #onFlow with Doodles 2 collectibles ? Check out the full announcement and get your #doop ready! ? https://t.co/gQDthuWFJw” / Twitter
Doodles refer to a core collection of more than 10,000 unique collectibles on Ethereum. It is composed of numerous “hand-drawn traits and designs against an unmistakable pastel palette.” They are recognized as one of the most advanced collectibles in the Web3 space and boast a vibrant community, just like the Doodle themselves.
Flow is excited to have Doodles 2 collectibles in its ecosystem, marking the first step of expansion for the latter. According to the Flow family, “Cross-chain interoperability and support is critical in creating a cohesive web3 world, and Doodles represents one of the biggest swings in making that a reality.”
Doodles are meant to function as digital identities—think of them as a form of expression. In addition, they will move everywhere you go with you. Note that Doodles 2 collectibles are a “series of collectibles that enable holders to customize your Doodle with wearables (apparel, accessories, gadgets + more), outlines the Doodles’ team. After the setup is done, users can share their dynamic NFT identities across social media to enhance interactions.
“With Doodles 2, they are unlocking more value for their existing community, while setting the stage for many more folks to join the joyful, inclusive world of Doodles,” Dieter Shirley, Chief Architect of Flow said amid excitement.
Shirley continued about the launch:
“The Doodles vision of accessible, interactive, and personalized fun is exactly the kind of project we had in mind when we designed Flow. I’m so excited about the launch!”
Is Flow Price Poised to Take On $3?
Flow price is in the green but seems to have found itself between a rock and a hard place. The 50-day Exponential Moving Average (EMA) (in red) at $0.9928 is in line to provide immediate support to FLOW. On the flip side, the 100-day EMA (in blue) at $0.1308 caps movement to the upside.
On top of that, Flow price dodders between the confines of a narrow falling trend channel, as illustrated on the daily timeframe chart. Bulls must resolve to push FLOW above the upper boundary of the channel to catalyze the next phase of its uptrend aiming for highs at $3.00.
Such a breakout could allow some traders to cash out at the 200-day EMA (in purple) and the likely seller congestion at $2.50 and lock in the gains. However, stubbornly bullish investors may choose to buckle up for the long-haul flight to $3.00 and other higher price levels.
A bullish breakout is currently the most likely outcome with the Money Flow Index (MFI) rebounding above the midline in the neutral area. This shows that more volume is flowing into FLOW markets compared to the outflow volume.
On the downside, it might not be ideal to rule out a correction below the 50-day EMA, especially with the Moving Average Convergence Divergence (MACD) indicator flashing a sell signal. In that case, short positions placed below the 50-day EMA may be closed at the lower boundary of the trend channel and only reactivated if support is broken.
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