DailySun
Cryptocurrencies continued to exhibit volatility last week as Bitcoin faced challenges in surpassing the crucial resistance level at $100,000.
This week could see increased momentum as investors return to their offices following the Christmas and New Year holidays, coinciding with Donald Trump’s upcoming inauguration. Here are several key cryptocurrencies to monitor this week, including Ethereum Name Service, Aptos, and Flare.
Ethereum Name Service
Ethereum Name Service (ENS), recognized as the largest domain registrar in the cryptocurrency space, is among the top coins to track this week. The network is set to unlock 1.46 million ENS tokens, valued over $52.79 million, for contributors and the community. These unlock events are part of a monthly release schedule that will continue until November this year.
The ENS price peaked at $50.5 in December before declining approximately 28% to a low of $30.47. This level is significant as it marked the highest swing since March of last year. The price has consistently remained above both the 50-day and 100-day Exponential Moving Averages.
The outlook for the Ethereum Name Service token remains optimistic due to its position above key moving averages and the establishment of a break-and-retest pattern. Should this trend persist, the next key target will be its 2024 peak of $50.50.
Flare
Flare (FLR), a widely used Ethereum Virtual Machine, is another cryptocurrency to keep an eye on as it unlocks tokens valued at $47.6 million. These tokens will be significant, constituting approximately 3.2% of the overall float.
An analysis of the daily chart indicates that the Flare token has formed both a falling wedge pattern and a bullish flag. The wedge is characterized by two falling, converging trendlines approaching their confluence point.
The price of Flare is also supported by the 50-day moving average, suggesting a potential rebound, with the possibility of retesting the critical resistance level at $0.0325, which marks its highest point on June 5.
Aptos
Aptos (APT) is another cryptocurrency to watch this week as it undergoes its monthly token unlocks.
The native token of the Aptos blockchain will be releasing 11.31 million tokens, which are designated for the community, core contributors, investors, and the foundation. Aptos will maintain this monthly unlocking process until September 2032.
The Aptos network is performing well, with its total locked value rising to over $1.07 billion and the valuation of its stablecoins reaching $646 million. Key players within the ecosystem include Aries Markets, Echo Protocol, Thala, and Echelon Market.
Recent daily chart activity shows the APT token has made a rebound in the last few days after exhibiting a falling wedge pattern. It has successfully retested key support at $10 and is positioned above the ascending trendline that has connected the lowest swings since August 5.
Therefore, the token is expected to maintain its upward trend as long as it remains above the ascending trendline.
