Floki Price Poised for Breakout Ahead of MONKY Airdrop

Floki’s price is showing signs of a potential breakout, with a notable 22% rise over the past few days, fueled by anticipation surrounding the upcoming Wise Monkey (MONKY) airdrop. Trading at $0.000248, the meme coin has gained momentum after developers released further details about the airdrop, which is set to benefit Floki holders.

As part of the airdrop, FLOKI holders will receive approximately 27% of the total MONKY tokens by December 20. An additional 8% of the tokens will be distributed to TokenFi holders and users of the Floki Bot. This airdrop has sparked excitement, as MONKY has already achieved a market cap exceeding $263 million, making it one of the most eagerly anticipated projects in the cryptocurrency space.

Floki’s price rally is also driven by the upcoming Valhalla mainnet launch, although this event has been postponed to the first quarter of 2025 to allow for further audits of the smart contract. This delay is seen as a proactive measure to ensure security and avoid vulnerabilities. In the meantime, Floki’s token burn initiative has been actively reducing the circulating supply, with over 5.7 trillion tokens burned in the last three months. This deflationary action is expected to continue, potentially adding further upward pressure on the token’s price.

Technically, Floki appears to be ripe for a breakout. The daily chart shows that the price has been consolidating in a bullish flag pattern, marked by a sharp upward move followed by a rectangular consolidation. Floki is currently trading above the 50-day and 100-day Exponential Moving Averages (EMA), and is positioned between the 38.2% and 23.6% Fibonacci retracement levels, which is a common setup for potential bullish continuation.

Additionally, the price action suggests the formation of a cup-and-handle pattern, a bullish formation often seen before a strong rally. If the current trend persists, Floki could see a significant recovery, potentially reaching its year-to-date high of $0.0003480, marking a 42% increase from the current level.

For those looking to trade Floki, a stop-loss is recommended at the 50-day EMA ($0.0002100), as a drop below this level could signal a reversal and further downside risk. With the Wise Monkey airdrop and upcoming developments, Floki’s price is poised for possible bullish momentum in the near future.