Cryptocurrencies are experiencing heightened volatility as Bitcoin fights to break through the critical resistance level of $100,000.
This week could see an uptick in trading activity as investors return to their offices following the holiday season, coinciding with the anticipation surrounding Donald Trump’s upcoming inauguration. Key cryptocurrencies to monitor this week include Ethereum Name Service, Aptos, and Flare.
Ethereum Name Service
Ethereum Name Service (ENS), the leading domain registrar in the cryptocurrency sector, is poised for significant updates this week. The network will release 1.46 million ENS tokens worth over $52.79 million to its contributors and the broader community. These token unlocks are part of a monthly release schedule that persists through November of this year.
In December, the ENS price surged to $50.50 but subsequently retreated approximately 28% to a low of $30.47. This level is of particular interest, as it corresponds to a key high achieved in March of the previous year. Currently, ENS remains above the 50-day and 100-day Exponential Moving Averages.
The bullish outlook for the Ethereum Name Service token stems from its position above these crucial averages and the emergence of a break-and-retest pattern. Should this trend continue, the target to watch could be its 2024 high of $50.50.
Flare
Flare (FLR), an influential Ethereum Virtual Machine, is another cryptocurrency to watch as it unlocks tokens valued at $47.6 million. These tokens will account for approximately 3.2% of the total circulating supply.
A recent analysis of the daily chart reveals that the Flare token has developed a combination of a falling wedge pattern and a bullish flag. The falling wedge is characterized by two declining and converging trendlines, nearing a critical convergence point.
Supported by the 50-day moving average, Flare is likely to see a rebound and may aim to retest the significant resistance level of $0.0325, its peak recorded on June 5.
Aptos
Aptos (APT) is also on the radar this week as it implements its monthly token unlocks.
The native token of the Aptos blockchain will release 11.31 million tokens, which will be distributed among the community, core contributors, investors, and the foundation. Monthly unlocks are planned to continue until September 2032.
The Aptos ecosystem is thriving, with its locked value exceeding $1.07 billion and stablecoin valuation reaching $646 million. Prominent players within the network include Aries Markets, Echo Protocol, Thala, and Echelon Market.
Recent daily charts indicate that the APT token has bounced back in the prior days following a falling wedge formation. After retesting key support at $10, it remains above the ascending trendline connecting the lowest swing points since August 5, indicating a potential continuation of its upward trajectory.
