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Gamefi token DigiHorse is all the rage this period with predictions of a 1542% surge, positioning it as a standout in the crypto market and the blockchain gaming market at large. Meanwhile, Stacks (STX) is facing a 6% decline despite the launch of its highly anticipated Nakamoto upgrade, which aims to accelerate transaction speeds. Bitcoin is also under pressure, hitting a 12-day low as bearish sentiment prevails and whale activity intensifies with large transfers to Binance.
Stacks Begins Nakamoto Upgrade Amidst STX Token Decline
As Stacks launches its Nakamoto upgrade, designed to enhance Bitcoin’s utility by enabling smart contracts and decentralized finance (DeFi) functionalities, the STX token has struggled, experiencing a 6% decline in the past 24 hours. The upgrade, which includes a new proof-of-transfer consensus algorithm and the introduction of sBTC, aims to decouple Stacks’ block production from Bitcoin’s schedule, potentially transforming the network’s capabilities. Despite the significance of this development, STX has seen a drop in trading volume and remains under bearish pressure.
Currently, STX is trading below its 9-day Exponential Moving Average at $1.67, with a Relative Strength Index (RSI) of 51, signaling neutral market conditions. The token faces resistance levels at $1.93 and $2.05, but continued bearish sentiment could push it down to $1.51, with further support at $1.33. As the upgrade progresses, the coming days will be crucial for STX, with traders closely monitoring the market for signs of a potential reversal or continued downward momentum.
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Bitcoin Whale Activity and Bearish Pressure Intensifies
Bitcoin has been under significant bearish pressure over the past three days, hitting a 12-day low of $57,860 and currently trading at $59,978, down 0.19%. Over the last month, Bitcoin has seen a 14% decline, accompanied by a 24% drop in trading volume. Amid this downturn, large-scale whale activity has been observed, with significant BTC transfers to Binance. A whale recently moved 1,700 BTC worth $99.9 million to the exchange, followed by an additional 3,500 BTC valued at $206 million at an average price of $58,891.
This whale has a history of large transactions, including a deposit of 5,281 BTC to Binance in early July, which coincided with a 3.2% price correction. The whale’s strategy appears to have shifted bearish, as evidenced by these substantial transfers during periods of price decline. As Bitcoin’s price continues to face downward pressure, the next support level is around $58,300, while resistance could be encountered at $60,580 if a reversal occurs. Investors are closely watching these movements to gauge the market’s direction.
A GameFi Token That Might Change The Game?
DigiHorse is rapidly becoming the most talked about GameFi project having successfully completed its second presale stage with the token now priced at $0.006256. Investors are eagerly anticipating the next stage, where the price is expected to jump by 37.02%. The excitement surrounding DigiHorse Empires stems from its unique blend of features and the immense potential it holds within the GameFi space.
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A standout feature of DigiHorse Empires is its AI-powered NFT skins and equipment, which give players a competitive edge in the digital horse racing arena. These tradable digital assets not only boost the performance of NFT horses but also introduce a new level of customization and strategic gameplay. The game’s comprehensive training system further enhances the experience, enabling players to develop their horses into champions, highlighting the crucial role of preparation and strategy. These features overall help boosts investor confidence as its brings a novelty to the game.
Furthermore, DigiHorse Empires incorporates a play-to-earn model that allows players to participate in events to win NFTs and DIGI tokens. This dynamic in-game economy, coupled with a rapidly expanding community and an upcoming airdrop campaign, positions DigiHorse for sustained growth. With a multichain strategy and innovative staking mechanisms in the pipeline, DigiHorse Empires is poised to become a major force in the digital horse racing market, offering both entertainment and financial rewards to its players.
Learn More About the Thrilling Opportunities of DigiHorse ($DIGI) Presale Now!
Website: https://digihorseempires.io
Socials: https://linktr.ee/digihorseempires
