Analysis of Cryptocurrencies to Watch This Week
The cryptocurrency market has stabilized despite increased geopolitical risks and the release of strong US consumer inflation data. Bitcoin (BTC) has remained below $100,000, while some altcoins like Mantra (OM) and PancakeSwap (CAKE) have surged. The key catalyst for the market this week will be the Federal Reserve minutes scheduled for Wednesday, which will provide insight into the last meeting and expectations for the rest of the year.
FTX Token (FTT)
The FTX Token will be under scrutiny as the FTX Estate begins distributing over $16 billion to creditors, with qualified creditors expected to receive payouts within 1 to 3 business days. The FTX Token price has been under pressure, dropping from a year-to-date high of $4.3855 to below $2.40, and is currently consolidating at the 50-day and 100-day Exponential Moving Averages. A bearish flag pattern suggests a potential retreat after the distributions start.
The crypto community is watching FTT’s trajectory closely, with CryptoBull telling its 32,000 followers to “keep an eye on $FTT” due to its strong pump from a descending triangle pattern formation. FTT, a utility token for trading fee discounts, collateral for derivatives, and participation in staking and buyback programs, was founded in 2019 by Sam Bankman-Fried (SBF) and Gary Wang.
Tapswap
Tapswap is another cryptocurrency to watch this week as it launches its token generation event or airdrop on Monday. The airdrop was initially scheduled for February 14 but was delayed due to Telegram’s new rule requiring all mini-games on its ecosystem to use the TON Blockchain. Tapswap has sought to differentiate itself from other tap-to-earn games like Hamster Kombat (HMSTR), Notcoin (NOT), and Catizen (CATI) that plunged after their airdrop.
Pi Network
Pi Network, a pioneer in the tap-to-earn industry, will launch its Open Network or mainnet on February 20, six years after its launch. The mainnet launch meets the three pre-listing conditions: over 10 million pioneers have moved their tokens to the mainnet, developers have built 100 mainnet-ready applications, and there are no major external factors hindering the launch. The mainnet launch will allow pioneers to convert their tokens into fiat currencies and benefit developers by showcasing their applications to a larger audience.
Predictions
Based on the analysis, here are some potential outcomes:
- FTX Token (FTT): The price may experience a short-term boost due to the distributions, but the bearish flag pattern suggests a potential retreat. Investors should be cautious and monitor the price action closely.
- Tapswap: The airdrop may lead to a short-term price increase, but the risk of a price drop after the airdrop is high, as seen with other recent airdrops. Investors should be aware of this risk and consider the project’s fundamentals and potential for long-term growth.
- Pi Network: The mainnet launch is a significant milestone, and the price may experience a boost due to the increased adoption and potential for fiat currency conversion. However, the price may also be subject to volatility, and investors should be prepared for potential fluctuations.
In conclusion, the cryptocurrency market is expected to be volatile this week, with the Federal Reserve minutes and the launches of Tapswap and Pi Network’s mainnet being key catalysts. Investors should be cautious and monitor the price action closely, considering the potential risks and rewards of each project.
