FLOW is up by 39% following the Instagram partnership
The cryptocurrency market could end the week in a positive fashion after adding more than 1% to its total value in the last 24 hours.
The cryptocurrency market has maintained its positive performance over the past few days. The total market cap is closing in on $1.1 trillion after adding more than 1% to its value in the last 24 hours.
Bitcoin is trading above $23k once again after adding 1% to its value so far today. Ether continues to maintain its price above the $1,600 psychological level heading into the weekend.
FLOW, the native token of the Flow blockchain, is the best performer amongst the top 30 cryptocurrencies by market cap. FLOW has added 39% to its value in the last 24 hours, outperforming the other major cryptocurrencies.
The primary catalyst behind this rally is the announcement by the Flow team that its partnership with Instagram is now active.
In a tweet on Thursday, the Flow team said select users can now connect their Dapper wallet and showcase their favourite NFTs directly on their Instagram account.
Key levels to watch
The FLOW/USD 4-hour chart is extremely bullish as Flow has been performing excellently over the last 24 hours. The technical indicators show that FLOW is outperforming the broader cryptocurrency market.
The MACD line is deep within the positive zone, indicating bullish momentum. The 14-day relative strength index of 68 shows that FLOW is heading towards the overbought region if the positive momentum can be maintained.
At press time, FLOW is trading at $2.64. If the bulls remain in charge, FLOW could surge past the $3.05 resistance level before the end of the day. However, it would need the support of the broader market to cross the $4 mark for the first time in nearly six months.