Floki Price Prediction: FLOKI Forms Bullish Flag Pattern Ahead of Valhalla Mainnet Launch

Floki price has held steady in the past few days as traders watch the ongoing token burn and the upcoming Valhalla mainnet launch.

The Floki (CRYPTO: FLOKI) price has remained largely muted in the past few days as traders watch the ongoing token burn and the upcoming Valhalla mainnet launch. The FLOKI token has been trading between the key support and resistance levels at $0.00020 and $0.00028 since November 12.

Floki burn rate grows

Third-party data shows that trillions of the coin are being removed from circulation each month. According to CryptoEye, over 5.9 trillion tokens have been burned in the last 90 days. Most of this burn happened in May when the community voted to burn over 15 trillion tokens.

A token burn is a situation where tokens are removed from circulation by being placed in an inaccessible address. In most periods, these burns make the remaining tokens more valuable. In Floki’s case, the burn has seen its total supply of the coin drop to 9.67 million.

Floki price is also consolidating ahead of the upcoming mainnet launch of Valhalla. The launch, which was expected to happen this month, was recently pushed to the first quarter of 2025.

According to the developers, the delay will allow the platform to undergo more testing by Hacken and OpenZeppelin, which will conduct a comprehensive audit of its smart contract to ensure it is fully safe when it is launched fully.

Valhalla has been in testnet for the past few years. It is the network’s flagship utility project and metaverse game that will have play-to-earn features.

VALHALLA MAINNET LAUNCH TO BE DELAYED UNTIL Q1 2025

We would like to announce that the Valhalla mainnet launch will be delayed until Q1 2025, in line with feedback from our auditors!

Valhalla is Floki's flagship utility project and metaverse blockchain game that we've spent the… pic.twitter.com/LnTFAUDtvZ

Floki price in a bullish flag pattern

The daily chart shows that the Floki price has been in a consolidation phase in the past few weeks. It has formed a rectangle pattern whose support and resistance levels are at $0.0002062 and $0.00028. This pattern is in the formation of the bullish flag, a popular continuation sign. In most cases, an asset confirms a breakout when it moves above the upper side of the flag.

Floki price has crossed above the 50-day and 25-day Exponential Moving Averages. It has also moved between the 38.2% and 23.6% Fibonacci Retracement level and the first and second lines of the Andrew’s pitchfork tool.

The outlook for the FLOKI price is now neutral. A move below the support at $0.000206 will confirm the formation of a double-top pattern, a popular bearish sign. More gains will be confirmed if it rises above $0.00028. If this happens, it will push it to a record high of $0.000348.

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