ENS, Aptos, Flare: top cryptocurrencies to watch this week

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Last week, cryptocurrencies stayed tense due to Bitcoin‘s struggle to surpass the significant barrier at $100,000 and sustain its growth.

This week’s progress in the financial markets might pick up pace due to investors returning from their holiday break and the approaching inauguration of Donald Trump. Here are some notable cryptocurrencies worth keeping an eye on during this period, such as Ethereum Name Service, Aptos, and Flare.

Ethereum Name Service

In simpler terms, Ethereum Name Service (ENS), which is a significant player in the crypto domain registration sector, is one of the cryptocurrencies worth keeping an eye on this week. The network is set to distribute 1.46 million ENS tokens, valued at over $52.79 million, to contributors and the public. These distributions are part of a series of monthly releases that will continue until November this year.

In December, the price of ENS peaked at $50.5, but subsequently dropped approximately 28% to reach a low of $30.47. This was a significant fluctuation as it represented the highest swing since March the previous year. Notably, the price has stayed above both its 50-day and 100-day Exponential Moving Averages.

The forecast for Ethereum Name Service (ENS) tokens looks optimistic due to their persistent position above significant averages and the formation of a break-and-retest pattern. If this trend persists, a key milestone to monitor will be reaching its projected 2024 high of approximately $50.50.

Flare 

Keep an eye on Flare (FLR), a widely-used Ethereum Virtual Machine, as it sets to release tokens valued at approximately $47.6 million. These tokens are significant because they account for around 3.2% of the total circulating supply.

The daily graph indicates that the Flare token is exhibiting a mixed pattern, incorporating both a falling wedge formation and a bullish flag. A falling wedge consists of two downward-sloping lines that are gradually converging, and they’re now approaching their intersection point.

The 50-day moving average also backs up Flare. Consequently, there’s a strong possibility that it may bounce back, potentially reaching the significant resistance at $0.0325 – its peak from June 5.

Aptos

Aptos (APT) is another coin to watch this week as it conducts its monthly token unlocks.

On the Aptos blockchain platform, a total of 11.31 million native tokens are set for distribution. These tokens will be divided among the community, key developers, investors, and the Aptos foundation. This distribution process will carry on with monthly releases until September 2032.

As a crypto investor, I’m thrilled to share that the Aptos network is performing exceptionally well. The total value locked within it has surpassed $1.07 billion, while the valuation of its stablecoins now stands at an impressive $646 million. Key players in this thriving ecosystem include Aries Markets, Echo Protocol, Thala, and Echelon Market.

Over the last several days, the price of APT token has bounced back following the formation of a falling wedge pattern on its daily chart. It recently touched the significant support level at $10 but has now moved above the rising trendline that connects the lowest points since August 5th.

Therefore, the coin will maintain its uptrend if it is above the ascending trendline.

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2025-01-05 20:54