Dogecoin price spikes following Twitter logo change

Yahoo Finance Live anchors Jared Blikre and Brad Smith break down the Dogecoin price spike.

Video transcript

BRAD SMITH: Welcome back, everyone. Let's take a look at today's chart of the day. Dogecoin got a boost after Twitter replaced its bird logo with the currency's Shiba Inu dog, as seen pictured here. Wow. Twitter owner Elon Musk has endorsed the token several times previously. Jared, look at this chart. My goodness.

JARED BLIKRE: [LAUGHS] It's branded. I like it. But let's go to the YFi Interactive, because I want to point a couple of things out here.

If we're going to compare different cryptocurrencies, here's Dogecoin in the middle. It's up about 38%, a bit less than the Bitcoin return of 70% and Ethereum 60-- or 59%, which is basically 60%. But here's the year to date. You can see able to technically just break above those February highs right there. And it's interesting, here's a one year chart. You can see this happened back in late November, early December, and there was quite a swift rejection of that. So maybe Doge is just trading in a range here, it looks like $0.10 or $0.11 tends to be the upper end of that range. If it's able to break through, guess what, $0.18, $0.20 is about the next target here, so.

BRAD SMITH: So here's my question for you then. Do you believe that we'll see some type of island reversal if the logo gets changed back then to the Twitter bird?

JARED BLIKRE: I love the fact that you're talking technicals with me. And just really briefly here, island reversal is when-- I guess you tend to get Island reversals when you have breaks in trading and it's not 24 hours, but kind of got this little island up here. And you're right. If we were to break down very quickly below, that would really cement its status as an island here. And that could very well happen if Elon decides to change tech, which he often does, without much notice to you and me.