Key Takeaways:
- Floki Inu will be a sponsor at the World Table Tennis Championship
- However. FLOKI price failed to react to the bullish cue
NEW DELHI (CoinChapter.com) — Meme token Floki Inu has added a new feather to its cap. The International Table Tennis Federation (ITTF) has partnered with Floki for the ITTF World Table Tennis Championship Finals.
Floki aims to reach out to 500 million fans as a sponsor of the competition’s finals. Moreover, the partnership is the first collaboration between a cryptocurrency platform and an international table tennis event.
The ITTF World Championship Finals will take place between May 20-28. The terms of the partnership state that Floki “will receive field of play advertising at all matches, as well as assets across all World Table Tennis digital platforms.“
Floki expects the partnership would allow the cryptocurrency access to the “hard to reach” digital audience, especially in Hong Kong and China.
Our mission at World Table Tennis is to revolutionize the sport of table tennis and lead its digital transformation, and we believe that this partnership with Floki will help us to achieve this goal
Jonny Cowan, World Table Tennis Europe General Manager, said
Additionally, Floki Inu has extended its partnership with Btok, a crypto social platform in China, till the end of 2023. The team behind the meme token believes the exposure would make it more visible in the Chinese crypto circles.
Floki Inu Price Moving Inside Bullish Pattern
FLOKI, the namesake in-house token of the Floki ecosystem, formed a bullish technical pattern called the Bull Pennant.
In detail, the pattern emerges when an asset consolidates between two converging trendlines after a price rally. Ultimately, a breakout in the direction of the large initial movement follows the period of consolidation.
Volume is important in the pattern. During consolidation, the volume should be low while it must increase during the breakout move. Otherwise, prices would likely pull back into the consolidation pattern.
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Per the rules of technical analysis, the FLOKI price could jump 702.5% to $0.000286 once the token confirms the pattern.
Meanwhile, news of the partnership failed to improve FLOKI’s price action. The meme token has been forming thin daily candles with long wicks on both ends, suggesting indecision in the market. As bulls failed to capitalize on the recent news, it seems bears are in the driver’s seat for now.
FLOKI’s 100-day EMA (blue wave) has been acting as a support level for the token since May 1. Furthermore, the memecoin also has support from an ascending trendline. Therefore, dropping below the trendline support could result in the FLOKI price re-testing the EMA support near $0.0000329.
Breaching the key support level could erode investor confidence, forcing the Floki Inu token price to fall to $0.0000029 before recovering.
Conversely, if buyers enter the market as the World Championship nears, the FLOKI price might break above the 20-day EMA (red wave) resistance to reach $0.0000372. Breaking and consolidating above the immediate resistance would help FLOKI target $0.0000422 resistance before paring gains.
The relative strength index for FLOKI remained neutral, clocking at 49.84 on the daily charts.
