Significant events are happening in the crypto world: STX token faces decline amidst Nakamoto upgrade, Bitcoin is under pressure from major players, and the new GameFi project DigiHorse is causing a stir.
Nakamoto Upgrade and STX Decline
Stacks has launched the Nakamoto upgrade, aimed at enhancing Bitcoin's capabilities by supporting smart contracts and decentralized finance (DeFi). However, despite the significance of this upgrade, the STX token has dropped by 6% in the last 24 hours. The upgrade introduces new proof-of-transfer consensus algorithms and the sBTC, aiming to decouple Stacks' block production from Bitcoin's schedule, potentially transforming the network's capabilities. Currently, STX is trading below its 9-day Exponential Moving Average at $1.67, with a Relative Strength Index (RSI) of 51, indicating neutral market conditions. Resistance levels are set at $1.93 and $2.05, but continued bearish pressure could push the price down to $1.51 with support at $1.33.
Bitcoin Pressure and Whale Activity
Bitcoin has been under significant bearish pressure, hitting a 12-day low at $57,860 and currently trading at $59,978, down 0.19%. Over the past month, Bitcoin has seen a 14% decline, accompanied by a 24% drop in trading volume. Amid this downturn, large whale activity has been observed, with substantial BTC transfers to Binance. Recently, a whale moved 1,700 BTC worth $99.9 million to the exchange, followed by another 3,500 BTC valued at $206 million. 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 turned bearish, as evidenced by these significant transfers during downturns. 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.
DigiHorse: A GameFi Game-Changer
DigiHorse is rapidly becoming the most talked about GameFi project after successfully completing 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 immense potential within the GameFi space. 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. Additionally, the play-to-earn model allows players to participate in events to win NFTs and DIGI tokens, forming a dynamic in-game economy. 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.
Currently, the cryptocurrency market is facing several significant events: the decline of STX amidst an important upgrade, pressure on Bitcoin due to whale activity, and the rising popularity of the new DigiHorse project. These factors make the coming days crucial for market development.
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