Cryptocurrency Market on High Alert: Top Coins to Watch This Week
As the cryptocurrency market continues to navigate uncharted territory, all eyes are on Bitcoin as it struggles to break through the $100,000 resistance barrier. With investors returning to their desks after the holiday season and the highly anticipated Donald Trump inauguration on the horizon, this week is shaping up to be a pivotal moment for the crypto world. Here are the top cryptocurrencies to keep on your radar, including Ethereum Name Service, Aptos, and Flare.
Ethereum Name Service: Unlocking Potential
Ethereum Name Service (ENS), the largest domain registrar in the crypto industry, is one of the most exciting coins to watch this week. The network is set to unlock 1.46 million ENS tokens, valued at over $52.79 million, to contributors and the community. This move is part of the monthly releases that will continue until November this year.
ENS has been on a wild ride, soaring to a high of $50.5 in December before retreating by 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 suggests that ENS is poised for a potential rebound, with its 2024 high of $50.50 being the next key level to watch.
Flare: A Spark of Hope
Flare (FLR), a popular Ethereum Virtual Machine, is another coin to keep an eye on as it prepares to unlock tokens worth $47.6 million. This move represents about 3.2% of the float and could have a significant impact on the market.
The daily chart shows that Flare has formed a combination of a falling wedge pattern and a bullish flag, indicating a potential rebound. With the 50-day moving average providing support, Flare is likely to retest the important resistance at $0.0325, its highest level on June 5.
Aptos: A Blockchain on the Rise
Aptos (APT) is another coin to watch this week as it conducts its monthly token unlocks. The native token of the Aptos blockchain will release 11.31 million tokens, allocated to the community, core contributors, investors, and the foundation. These unlocks will continue until September 2032.
The Aptos network is showing promising signs, with its locked value rising to over $1.07 billion and its stablecoins valuation reaching $646 million. Top players in the ecosystem, such as Aries Markets, Echo Protocol, Thala, and Echelon Market, are also contributing to the network’s growth.
On the daily chart, the APT token has rebounded in recent days after forming a falling wedge pattern. With the key support at $10 and the ascending trendline connecting the lowest swings since August 5, Aptos is poised to maintain its uptrend.
As the cryptocurrency market continues to evolve, it’s essential to stay informed about the latest developments and trends. Which of these coins do you think has the most potential for growth? Share your thoughts in the comments below.
The post Top 3 Cryptos to Watch This Week: ENS, Aptos, and Flare appeared first on CoinBuzzFeed.
