Analysis of Cryptocurrencies to Watch: Aptos, Tapswap, and Berachain
The cryptocurrency market has been under pressure, with major coins like Bitcoin (BTC) experiencing fluctuations between $95,000 and $100,000. Amidst this volatility, several lesser-known cryptocurrencies are gaining attention due to upcoming events and developments. This analysis will delve into Aptos (APT), Tapswap (TAPS), and Berachain (BERA), highlighting their potential impact on the market.
Tapswap (TAPS)
Tapswap, a popular Telegram tap-to-earn game, is set to launch its token generation event (TGE) or airdrop on February 14. This event is significant, given the game’s peak user base of over 70 million players. The TGE has been postponed several times, generating considerable anticipation. The launch on BNB Chain, known for its speed, scalability, and large user base, is expected to provide a solid foundation for the TAPS token. To ensure long-term success, the developers are working on a skills game, aiming to increase the token’s utility. Additionally, a competition with a $1 million prize pool has been launched, further generating interest.
Historically, tap-to-earn tokens like Notcoin (NOT), Hamster Kombat (HMSTR), and Catizen (CATI) have seen significant price drops after their airdrops. However, Tapswap’s efforts to create a more sustainable ecosystem may help mitigate this trend. The BNB Chain launch, combined with the developers’ focus on utility and community engagement, positions Tapswap for potential growth in the coming weeks.
Aptos (APT)
Aptos, a layer-2 network, is preparing for token unlocks worth $66 million, representing 1.98% of the float, on Monday. This move comes as the APT price continues to decline, reaching a low of $4.46, its lowest level since August 5, and 71% below its peak in December. The ongoing token unlocks, with about 44% of the 1 billion APT tokens already unlocked, contribute to the downward pressure on the price.
Technical analysis reveals that APT has formed a double-bottom pattern, with the lower side at $4.46 and the neckline at $15.30. This pattern is often seen as a reversal signal, suggesting that the token may experience a bounce back later in the year, provided it remains above the double-bottom support level. The 50-day moving average and the ichimoku cloud currently pose resistance, but a successful breach of these levels could signal a trend reversal.
Berachain (BERA)
Berachain, which recently launched its highly anticipated airdrop, is another cryptocurrency to watch. The BERA token initially surged to $15.45 but has since crashed to $6, mirroring the price action of other recently launched airdrops like Wormhole, Hamster Kombat, and Catizen. Despite this, Berachain boasts a total value locked (TVL) of $1.85 billion, surpassing popular chains like Avalanche and Cardano. Its ecosystem includes notable dApps such as Kodiak, Concrete, Beraborrow, and SatLayer.
The significant TVL and the presence of a robust ecosystem suggest that Berachain has strong fundamentals. However, the immediate price action will be closely watched, as investors assess the token’s performance post-airdrop. The ability of BERA to hold its current price levels or rebound will be crucial in determining its mid-term trajectory.
Predictions
Based on the analysis, here are some predictions for the mentioned cryptocurrencies:
- Tapswap (TAPS): Given its large user base, launch on BNB Chain, and efforts to increase token utility, Tapswap has the potential to perform well in the short term. However, like other tap-to-earn tokens, it may face significant selling pressure after the airdrop. Prediction: TAPS could see an initial surge followed by a correction, but its long-term prospects look promising due to the developers’ focus on ecosystem development.
- Aptos (APT): The formation of a double-bottom pattern and the ongoing token unlocks suggest that APT is at a critical juncture. Prediction: If APT can hold above the double-bottom support and breach the 50-day moving average and ichimoku cloud, it may experience a significant rebound. However, failure to do so could lead to further declines.
- Berachain (BERA): With its strong TVL and ecosystem, Berachain has a solid foundation. Prediction: BERA’s price will be volatile in the short term as the market reacts to the airdrop. However, its fundamentals suggest that it could outperform many of its peers in the mid-term, provided it can navigate the current market conditions successfully.
In conclusion, the performances of Aptos, Tapswap, and Berachain will be closely watched in the coming weeks. While each faces unique challenges, they also present opportunities for growth and investment. As with any cryptocurrency investment, it’s crucial to conduct thorough research and consider market trends before making any decisions.
