DigiHorse Soars Amid Crypto Market Turbulence
In a volatile crypto market, DigiHorse is emerging as a bright spot, showing robust price activity even as major players like DOGE and Bitcoin face significant selling pressure. While DOGE struggles to hold its ground and Bitcoin encounters yet another death cross, DigiHorse’s continued momentum is reinforcing investor confidence in this rising star.
Bitcoin Grapples with Death Cross
After slipping below $60,000 due to a weekend crash, Bitcoin’s price is showing signs of recovery, nearing the significant psychological threshold once again. The occurrence of a death cross on August 11, where the 50-day simple moving average drops below the 200-day counterpart, traditionally signals a bearish market phase for Bitcoin. Historically, this indicator has led to major price corrections in Bitcoin’s 13-year timeline, with an average downturn of 27% following such events.
Despite the ominous signal, not all instances of the death cross have led to downturns; for example, the March 2018 event was followed by a 45% rally. The current market conditions include macroeconomic uncertainties that have already triggered a notable correction from late July to early August. However, during bull markets, such downturns have typically been short-lived.
If Bitcoin were to follow the historical average, a 27% crash would see its price adjusting to approximately $43,987.50, aligning closely with a major weekly support level at $47,789. However, on-chain data suggests a more nuanced scenario. According to Santiment’s Active Stablecoin Deposits and BTC Volume metrics, there was a significant uptick on August 5, indicating robust buying activity. This trend continued over the weekend, suggesting a potentially bullish sentiment despite the prevailing market signals.
Dogecoin Struggles with Downward Pressure
Dogecoin is currently on a downtrend, evidenced by its trading below the 200-day EMA at $0.115 and near the 50-day EMA at $0.105, indicating significant resistance levels. The closest support lies at $0.093, with stronger support between $0.080 and $0.085.
The price recently broke down from a rising wedge, a typical bearish signal, accompanied by increasing selling pressure. The Relative Strength Index (RSI) shows a neutral but downward-trending signal at 50.34, while the Chaikin Money Flow (CMF) indicates mild selling pressure.
In derivatives, a decrease in Dogecoin’s open interest by 1.95% and a 1% drop in price reflect a bearish sentiment among traders. The negative 4-hour cumulative volume delta further suggests that more traders are selling than buying, reinforcing the bearish outlook. If Dogecoin can surpass the 200-day EMA, it might challenge the bearish pattern; otherwise, the trend suggests a possible further decline.
DigiHorse: A Breakthrough in Web3 Gaming
DigiHorse Empires is revolutionizing the crypto market with its native token, DIGI, catching the attention of investors and analysts. This Web3 platform offers a dynamic virtual horse racing experience where players can train, develop, and compete with their digital horses.
A standout feature of DigiHorse is its AI-powered wearable NFTs, which allow for customization and strategic enhancement of horse attributes. This integration of gaming and advanced technology not only enriches the gameplay but also boosts the value of DIGI tokens.
Operating on a play-to-earn model, DigiHorse rewards players with DIGI tokens for their gaming achievements, while also facilitating the trading of digital horses and NFTs, increasing token utility and market liquidity.
