Top Cryptocurrencies to Watch This Week: Ethereum Name Service, Aptos, and Flare

Cryptocurrencies experienced a period of uncertainty last week as Bitcoin struggled to break through the key resistance at $100,000. However, with investors returning to the office after the holiday season and significant events on the horizon, such as the US presidential inauguration, this week may bring new opportunities for growth.

Ethereum Name Service: A Bullish Outlook

Ethereum Name Service (ENS) is a top cryptocurrency to watch this week. As the largest domain registrar in the crypto industry, ENS is set to 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 scheduled until November this year.

The ENS price surged to a high of $50.5 in December before retreating by approximately 28% to a low of $30.47. Despite this, the token remains above the 50-day and 100-day Exponential Moving Averages, indicating a bullish outlook. The formation of a break-and-retest pattern further supports this positive trend. If the pattern continues, the next key point to watch will be the 2024 high of $50.50.

Flare: Unlocking Tokens and Potential Rebound

Flare, a popular Ethereum Virtual Machine, is another cryptocurrency to watch this week. The platform will unlock tokens worth $47.6 million, representing approximately 3.2% of the float. The daily chart shows a combination of a falling wedge pattern and a bullish flag, which could indicate a potential rebound. With the 50-day moving average providing support, Flare may retest the important resistance at $0.0325, its highest level since June 5.

Aptos: Monthly Token Unlocks and Uptrend

Aptos is another coin to watch this week, with its monthly token unlocks scheduled to release 11.31 million tokens to the community, core contributors, investors, and the foundation. The Aptos network is performing well, with a locked value of over $1.07 billion and a stablecoins valuation of $646 million. The APT token has rebounded in recent days, forming a falling wedge pattern and retesting the key support at $10. As long as the token remains above the ascending trendline, its uptrend is likely to continue.

Some key points to consider when watching these cryptocurrencies include:

  • Ethereum Name Service’s bullish outlook, driven by its break-and-retest pattern and position above key averages.
  • Flare’s potential rebound, supported by its falling wedge pattern and 50-day moving average.
  • Aptos’ uptrend, driven by its monthly token unlocks and strong network performance.

As the cryptocurrency market continues to evolve, it’s essential to stay informed about the latest trends and developments. For more news and updates on the crypto market, visit Global Crypto News.

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