Top cryptocurrencies to monitor this week: ENS, Aptos, and Flare.
Cryptocurrencies remained volatile last week, with Bitcoin struggling to break above the key resistance level of $100,000. This week, as investors return to work after the holiday break and Donald Trump’s inauguration approaches, there may be further gains. Here are some of the top cryptocurrencies to watch 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 keep an eye on this week. The network will unlock 1.46 million ENS tokens, worth over $52.79 million, for contributors and the community. This unlocking is part of the monthly releases that will continue until November this year.
In December, the price of ENS surged to a high of $50.5 before retracing about 28% to a low of $30.47. This low is significant as it was the highest swing since March last year. The price has remained above the 50-day and 100-day Exponential Moving Averages, indicating a bullish outlook. If the break-and-retest pattern continues, the next level to watch will be its 2024 high of $50.50.
Flare (FLR), a popular Ethereum Virtual Machine, will also be worth watching as it unlocks tokens valued at $47.6 million. These tokens will represent about 3.2% of the total supply. The daily chart shows that the Flare token has formed a falling wedge pattern and a bullish flag. The convergence of the falling trendlines suggests a potential rebound. Additionally, the token is supported by the 50-day moving average. If it continues to rise, it may retest the important resistance level at $0.0325, which was its highest level on June 5.
Aptos (APT) is another cryptocurrency 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 distributed 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 exceeding $1.07 billion and its stablecoin valuation reaching $646 million. Key players in the ecosystem include Aries Markets, Echo Protocol, Thala, and Echelon Market. On the daily chart, the APT token has rebounded recently after forming a falling wedge pattern. It has retested the crucial support level at $10 and is currently above the ascending trendline connecting the lowest swings since August 5. Therefore, the coin is likely to maintain its uptrend as long as it stays above the ascending trendline.
