Floki (FLOKI) Price Ripe for a Bullish Breakout Ahead of Valhalla Mainnet Launch

Floki (FLOKI), one of the leading meme coins in crypto, traded at $0.000248, up about 22% from this week's lowest level.

Floki (FLOKI) price rose on Friday, continuing a rebound from this week’s lows as cryptocurrencies recovered and traders anticipated the upcoming Wise Monkey airdrop.

Floki, one of the leading meme coins in crypto, traded at $0.000248 by 09:48 ET (14:48 GMT), up about 22% from this week’s lowest level.

Floki recovered after developers shared additional details about the Wise Monkey airdrop. FLOKI holders are set to receive around 27% of all MONKY tokens by Dec. 20.

An additional 4% of MONKY tokens will be airdropped to TokenFi holders, and another 4% will reward users of the Floki Bot traders.

This distribution is expected to benefit Floki traders, as Wise Monkey is billed as one of the most anticipated crypto projects. According to CoinMarketCap, MONKY had a market capitalization of over $263 million.

Floki also gained ahead of the upcoming Valhalla mainnet launch. The launch, which was expected in December, has now been pushed to the first quarter of 2025.

Developers said the delay will give auditors a chance to conduct a deeper examination of the smart contract to identify any vulnerabilities.

Floki has also continued its token burn initiative, which is reducing the circulating supply. According to data from CryptoEye, the network burned over 5.7 trillion tokens in the past three months, and this trend is likely to continue.

On the daily chart, Floki has been in a consolidation phase over the past few weeks, forming a bullish flag pattern, which is characterized by a long vertical line followed by a rectangle formation.

The price moved above the 50-day and 100-day Exponential Moving Averages and is trading between the 38.2% and 23.6% Fibonacci retracement levels.

Floki’s price action is also suggesting the formation of a cup-and-handle pattern, which, if it continues, could see the price stage a strong recovery, reaching the year-to-date-high of $0.0003480, which would be a 42% move from the current price.

A stop-loss for this trade could be positioned at the 50-day EMA, which currently stands at $0.0002100. A drop below this level could signal further downside.