Last week, cryptocurrencies were notably volatile as Bitcoin faced challenges in surpassing the critical resistance level of $100,000.
This week may see a surge in recent gains as investors return to their offices following the Christmas and New Year holidays, alongside the approaching inauguration of Donald Trump. Here are some key cryptocurrencies to monitor this week, including Ethereum Name Service, Aptos, and Flare.
Ethereum Name Service
Ethereum Name Service (ENS), the leading domain registrar in the cryptocurrency sector, is one of the major cryptocurrencies to keep an eye on this week. The network is set to release 1.46 million ENS tokens, valued at over $52.79 million, to contributors and the community. These unlocks are part of the monthly distribution plan set to continue until November.
In December, the ENS price reached a peak of $50.5 before retracting by approximately 28% to a low of $30.47. This low is noteworthy as it represents the highest swing recorded in March of last year. Furthermore, the price has consistently remained above both the 50-day and 100-day Exponential Moving Averages.
The forecast for Ethereum Name Service is optimistic, as it stays above significant averages and has established a break-and-retest pattern. If this trend persists, the upcoming focus will be on its 2024 high at $50.50.
Flare
Flare (FLR), a well-known Ethereum Virtual Machine, is another cryptocurrency to watch closely, as it prepares to unlock tokens worth $47.6 million. This unlocking will be significant as it will account for roughly 3.2% of the total float.
An analysis of the daily chart indicates that the Flare token has formed a combination of a falling wedge pattern along with a bullish flag. The wedge is characterized by two declining and converging trendlines, which are approaching their point of convergence.
Additionally, Flare benefits from the support of the 50-day moving average. As a result, a rebound is anticipated, 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 coin to keep an eye on this week as it initiates its monthly token unlocks.
The Aptos blockchain’s native token will release 11.31 million tokens, which will be distributed among the community, core contributors, investors, and the foundation. The monthly unlocks will persist until September 2032.
The Aptos network is performing robustly, with its locked value exceeding $1.07 billion, and its stablecoins’ valuation rising to $646 million. Prominent players in the ecosystem include Aries Markets, Echo Protocol, Thala, and Echelon Market.
On the daily chart, the APT token has shown a rebound in recent days following the formation of a falling wedge pattern. It has successfully retested the key support level at $10 and remains above the ascending trendline that connects the lowest swings since August 5.
As a result, the coin is likely to maintain its upward trend as long as it stays above the ascending trendline.
