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Cryptocurrency prices retreated last week as investors locked profits,
Bitcoin (BTC) and most altcoins will likely react to the upcoming U.S. consumer inflation data, which will impact the next action by the Federal Reserve.
A lower-than-expected inflation figure could pressure the bank to cut interest rates. Some of the top coins to watch will be Flare (FLR), Aptos (APT), and Pi Network (PI).
Flare is a fast-growing layer-1 network whose token is valued at over $1 billion. It will be in the spotlight this week as it unlocks tokens worth over $35 million on Monday.
In addition, its ecosystem is experiencing strong growth, with the total value locked at $188 million, up from $51 million in January. Also, its stablecoin market cap has jumped to $150 million from $5.2 million in May.
The daily chart shows that the FLR token has pulled back in the past few weeks, moving from a high of $0.02220, to $0.018. It has formed a falling wedge, a popular bullish reversal sign. Therefore, it will likely have a bullish breakout, with the target being at $0.0220.
Aptos, a top layer-1 blockchain network, will be in focus this week as it unlocks tokens worth $53 million, equivalent to 1.8% of its float. Also, the market cap of all stablecoins in the network has jumped to a record high of $1.32 billion.
APT token has been in a strong downtrend in the past few days, forming a descending channel. It has moved below the 50-day Exponential Moving Average, while the MACD and the Relative Strength Index have moved downwards.
Aptos token will likely remain in this range, and possibly bounce back to the upper side of the range at $6. A drop below the lower side of the channel will point to further downside to $3.5.
The Pi Network token will be watched this week for two reasons. First, the network will continue unlocking over 68 million tokens this week, increasing the number in circulation.
Second, the token has formed a slanted triple-bottom pattern and a bullish divergence pattern on the eight-hour chart. These patterns are often followed by a bullish breakout, which may happen this week.
Other top tokens to watch this week will be Ethereum (ETH), Kekius Maximus, and Official Trump (TRUMP).
Ethereum will be in the spotlight because it has formed a bullish flag and a golden cross, pointing to a rebound.
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