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Floki price rose for the second consecutive day as cryptocurrencies rebounded and traders anticipated the upcoming Wise Monkey airdrop.
Floki (FLOKI), one of the leading meme coins in crypto, traded at $0.000248, up about 22% from this week’s lowest level.
This recovery came after developers shared additional details about the Wise Monkey airdrop. FLOKI holders are set to receive approximately 27% of all MONKY tokens by Dec. 20. An additional 4% of MONKY tokens will be airdropped to TokenFi holders, while another 4% will reward users of the Floki Bot traders.
This distribution is expected to benefit Floki traders, as Wise Monkey is considered one of the most anticipated crypto projects. According to CoinMarketCap, MONKY has amassed a market cap exceeding $263 million.
Floki price also rose ahead of the upcoming Valhalla mainnet launch. The launch, which was scheduled to happen in December, was postponed to the first quarter of 2025.
The developers noted that the postponement will give the auditors a chance to verify the smart contract to prevent vulnerabilities.
Meanwhile, Floki’s token burn initiative has continued, reducing the circulating supply. Data from CryptoEye shows the network has burned over 5.7 trillion tokens in the past three months, and this trend is expected to persist.
Floki price is ripe for a bullish breakout
The daily chart reveals that Floki has been in a consolidation phase over the past few weeks, forming a bullish flag pattern characterized by a long vertical line followed by a rectangle formation.
The price has moved above the 50-day and 100-day Exponential Moving Averages and is trading between the 38.2% and 23.6% Fibonacci retracement levels.
Additionally, Floki’s price action suggests the formation of a cup-and-handle pattern. If this trend continues, the price could stage a strong recovery, potentially reaching the year-to-date high of $0.0003480, representing a 42% increase from the current level.
A stop-loss for this trade is positioned at the 50-day EMA at $0.0002100. A drop below this level could signal further downside.
This article first appeared at crypto.news
