Top Cryptocurrencies to Watch This Week: ENS, Aptos, and Flare

Cryptocurrencies continue to navigate turbulent waters as Bitcoin struggles to break past the critical resistance level of $100,000. However, with the holiday season behind us and investors resuming activity, this week could bring renewed momentum to the market. Among the standout cryptocurrencies to keep an eye on are Ethereum Name Service (ENS), Aptos (APT), and Flare (FLR).

Ethereum Name Service (ENS)

Ethereum Name Service (ENS), the leading domain registrar in the crypto space, is one of the top assets to monitor this week. The network is set to unlock 1.46 million ENS tokens, valued at over $52.79 million, for contributors and the community. These token unlocks are part of a monthly release schedule that will continue through November.

In December, the ENS price surged to a high of $50.50 before retreating by approximately 28% to $30.47. This pullback marked a significant level, as it matched the highest swing recorded in March last year. Despite this decline, ENS remains above the 50-day and 100-day Exponential Moving Averages (EMAs).

The technical outlook for ENS is bullish, as it has formed a break-and-retest pattern while maintaining its position above key moving averages. If this trend holds, the next resistance level to watch will be its 2024 high of $50.50.

Flare (FLR)

Flare, a popular Ethereum Virtual Machine (EVM) blockchain, is another cryptocurrency to watch closely this week. The network is scheduled to unlock tokens worth $47.6 million, representing about 3.2% of the circulating supply.

On the daily chart, Flare’s price action reveals a combination of a falling wedge pattern and a bullish flag, both of which suggest potential upward movement. The wedge is defined by two converging downward trendlines, which are nearing a confluence point.

Flare’s price is also supported by the 50-day moving average, providing a strong foundation for a rebound. If the token breaks higher, it could retest the critical resistance level of $0.0325, its highest point on June 5.

Aptos (APT)

Aptos rounds out the list of cryptocurrencies to watch this week as it gears up for its monthly token unlock. The blockchain will release 11.31 million APT tokens, which will be distributed among the community, core contributors, investors, and the foundation. These monthly unlocks are set to continue until September 2032.

Aptos’ ecosystem is thriving, with its total value locked (TVL) surpassing $1.07 billion and its stablecoin valuation reaching $646 million. Key players in the ecosystem include Aries Markets, Echo Protocol, Thala, and Echelon Market.

On the technical front, the APT token has shown resilience, rebounding in recent days after forming a falling wedge pattern. It has successfully retested the key support level at $10 and remains above the ascending trendline connecting the lowest swings since August 5. This setup positions Aptos for potential further gains in the short term.

Conclusion

As the cryptocurrency market regains momentum, Ethereum Name Service, Flare, and Aptos stand out as tokens to watch closely this week. Each of these projects is backed by strong fundamentals and technical setups that suggest the potential for significant price movements. Investors should keep an eye on these assets as the market navigates this pivotal period.