Cryptocurrencies remained on edge last week as Bitcoin struggled to move above the key resistance at $100,000.
The recent gains could accelerate this week as investors move back to the office after the Christmas and New Year break and as Donald Trump’s inauguration nears. So, here are some of the top cryptocurrencies to watch this week, including Ethereum Name Service, Aptos, and Flare.
Ethereum Name Service
Ethereum Name Service (ENS) — the biggest domain registrar in the crypto industry — isone of the top cryptos to watch this week. The network will unlock 1.46 million ENS tokens valued at over $52.79 million to contributors and the community. These unlocks are part of the monthly releases that will go on until November this year.
The ENS price soared to a high of $50.5 in December and then retreated by about 28% to a low of $30.47. That was a notable level since it was the highest swing in March last year. It has remained above the 50-day and 100-day Exponential Moving Averages.
Ethereum Name Service token’s outlook is bullish because it remains above key averages and has formed a break-and-retest pattern. If this pattern continues, the next point to watch will be its 2024 high of $50.50.
Flare
Flare (FLR), a popular Ethereum Virtual Machine, will be another crypto to watch as it unlocks tokens worth $47.6 million. These tokens will be notable because they will represent about 3.2% of the float.
The daily chart shows that the Flare token has formed a combination of a falling wedge pattern and a bullish flag. A wedge comprises two falling and converging trendlines, which are nearing their confluence level.
Flare is also supported by the 50-day moving average. Therefore, it will likely rebound, and possibly retest the important resistance at $0.0325, its highest level on June 5.
Aptos
Aptos (APT) is another coin to watch this week as it conducts its monthly token unlocks.
The native token of the Aptos blockchain will release 11.31 million tokens, which will be allocated to the community, core contributors, investors, and the foundation. Aptos will continue with these monthly unlocks until September 2032.
The Aptos network is doing well. Its locked value has risen to over $1.07 billion, and its stablecoins valuation moved to $646 million. Some of the top players in the ecosystem are Aries Markets, Echo Protocol, Thala, and Echelon Market.
On the daily chart, the APT token has rebounded in the past few days after forming a falling wedge pattern. It has retested the key support at $10 and is above the ascending trendline connecting the lowest swings since Aug. 5.
Therefore, the coin will maintain its uptrend if it is above the ascending trendline.
