🌎 Top Cryptocurrencies to Watch This Week

Cryptocurrency Market Update: Top Coins to Watch This Week

The cryptocurrency market experienced a decline in volume last week, largely due to the Christmas holidays. The highly anticipated Santa Claus rally pushed Bitcoin (BTC) close to the $100,000 mark before momentum faded, causing it to drop below $95,000.

Sui (SUI): Unlocking Tokens and Potential Rebound

Sui will be a top cryptocurrency to watch this week as the Sui Foundation unlocks more tokens. According to recent data, Sui tokens worth over $138 million will be unlocked on Tuesday. These tokens are part of the monthly unlocks that will occur until September 2069, when the total supply will reach 10 billion.

The four-hour chart shows that the SUI price reached its peak at $4.9536 this month before dropping to its current price of $4.2. While it has moved below the 50-day moving average, it has also formed an inverse head and shoulders pattern, indicating a potential rebound in the coming days.

A potential catalyst for the rebound is the January Effect, a situation where most assets rise during the month.

EigenLayer (EIGEN) and Upcoming Unlock

EigenLayer is another top cryptocurrency to watch this week due to an upcoming big unlock scheduled on Tuesday. The network, which runs the biggest restaking platforms, will unlock tokens worth $80 million or 1% of the total supply.

The EIGEN token reached its peak at $5.6 in December before entering a bear market, falling by 40% to its current price of $3.42. The coin has moved below the 61.8% Fibonacci Retracement and the 25-moving average. It has formed a descending triangle pattern whose lower side is at $3.31.

Key points to consider for EIGEN:

EIGEN will likely have a bearish breakout and reach the psychological point at $3.
A bullish breakout above the descending trendline will point to more gains.

GMT and Token Unlock

GMT will also be in the spotlight this week as it unlocks tokens worth $16.4 million, representing 1.5% of the float. The token unlock will happen on Saturday, Jan. 4.

The GMT price experienced a significant surge on Friday, reaching a high of $0.2500 before suffering a big reversal to its current price of $0.177.

Key points to consider for GMT:

GMT has moved to the strong, pivot, reverse point of the Murrey Math Lines.
The Relative Strength Index has moved from the extreme overbought point of 90 to the current 50.
While the path of the least resistance for GMT is downwards, the token may bounce back as traders buy the dip.
If this happens, the next potential reference level to watch will be at $0.2075, top of the trading range.