Cryptocurrencies continued to be volatile last week, with Bitcoin struggling to break through the critical resistance level of $100,000. This week, as investors return to work after the holiday season and with Donald Trump’s inauguration on the horizon, the recent gains in cryptocurrencies could accelerate. Here are some of the top cryptocurrencies to keep an eye on this week: Ethereum Name Service (ENS), Aptos, and Flare.
ENS, the largest domain registrar in the crypto industry, is one of the top cryptocurrencies to watch this week. The network will release 1.46 million ENS tokens, valued at over $52.79 million, to contributors and the community. These token releases will occur monthly until November of this year. In December, the price of ENS reached a high of $50.5 before retreating by 28% to a low of $30.47. This retreat was significant as it marked the highest swing since March of last year. Currently, ENS remains above the 50-day and 100-day Exponential Moving Averages, indicating a bullish outlook. If the break-and-retest pattern continues, the next important level to watch will be the 2024 high of $50.50.
Flare (FLR), a popular Ethereum Virtual Machine, will also be a cryptocurrency to watch this week as it releases tokens worth $47.6 million. These tokens will represent approximately 3.2% of the total float. On the daily chart, Flare has formed a falling wedge pattern and a bullish flag, characterized by two falling and converging trendlines that are approaching their confluence level. Additionally, Flare is supported by the 50-day moving average, suggesting a likely rebound and a potential retest of the key resistance level at $0.0325, which was its highest level on June 5.
Aptos (APT) is another coin to keep an eye on this week as it undergoes 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. These monthly unlocks will continue until September 2032. The Aptos network is performing well, with its locked value surpassing $1.07 billion and its stablecoin valuation reaching $646 million. Some prominent players in the ecosystem include Aries Markets, Echo Protocol, Thala, and Echelon Market. On the daily chart, the APT token has rebounded in recent days after forming a falling wedge pattern. It has retested the key support level at $10 and is currently above the ascending trendline that connects the lowest swings since August 5. Therefore, the coin is likely to maintain its uptrend as long as it remains above the ascending trendline.