Ethereum’s prospects of surpassing the $3,000 mark appear unlikely in the near future. Similarly, Shiba Inu is having difficulty overcoming resistance at approximately $0.00001400, despite recent enhancements to its network. Meanwhile, interest in DigiHorse continues to surge as investors are drawn to the equine-themed GameFi token.
Whales Activities Stoke Concerns
Ethereum’s price made an attempt to break above $3,000 after rebounding from the $2,500 support level last Sunday. However, significant whale activity, involving large transfers of Ethereum to exchanges, has sparked concerns about the potential impact on the cryptocurrency’s price.
According to blockchain data from on-chain analysis company Lookonchain, a notable transaction involved a whale moving 5,000 ETH, valued at $13.2 million, to the OKX exchange. This individual, an early participant in Ethereum’s 2014 ICO, has transferred a total of 48,500 ETH worth $154 million to the same exchange over the last 35 days.
Further unsettling the market, Beaverbuild, a known block builder, transferred 5,550 ETH worth approximately $14.95 million to Binance. Such movements by early adopters and significant stakeholders suggest preparations for potential sales, staking, or diversification of their portfolios into other tokens.
Meanwhile, Ethereum’s technical indicators also show signs of potential bearishness. The cryptocurrency’s price was recently rejected at the $2,700 resistance level, aligning with the 78.6% Fibonacci retracement level. Moreover, a looming ‘death cross’—indicated by the 50-day Exponential Moving Average crossing below the 200-day EMA—hints at possible further declines.
This pattern, coupled with a negative stance in the Moving Average Convergence Divergence (MACD) indicator, suggests that traders might consider selling or shorting ETH. A breach below the $2,500 support could trigger a sharp sell-off, potentially pushing prices towards the $2,000 mark.
Shiba Inu Anticipates Decline Despite Potential for Rebound
Shiba Inu (SHIB) is facing a potential 17% price drop, despite 65% of investors betting on an upward trend. The current market conditions, indicated by the closure of short positions in SHIB futures in profit, reflect a mixed sentiment.
Despite these challenges, the Shiba Inu price demonstrates resilience, as it hovers just above an immediate support level with a hopeful eye on potential relief from the recent price drops. The price currently faces strong resistance around $0.00001400, hinting at possible further declines to the next support level at $0.00001200.
Over the weekend, the Shibarium network, which underpins Shiba Inu, underwent an upgrade that significantly increased token burns, spiking by over 38,000,000%. This dramatic increase in burn rate on August 11 has fueled optimism among investors about the coin’s future prospects.
Despite the positive network developments, the price of SHIB continues to struggle. It has recently dropped 4% to $0.00001368, while trading volume surged by 41.2%, indicating growing selling pressure. The price action remains below both the 50-day and 200-day exponential moving averages (EMAs), confirming the asset’s bearish trend. The 50-day EMA, positioned well below the 200-day EMA, further solidifies the bearish signal.
DigiHorse Emerges as a Premier Web3 Gaming Platform
DigiHorse Empires is taking the crypto market by storm, captivating investors with its native token, DIGI. As a standout project in the presale market, DigiHorse has garnered significant optimism from experts and analysts, who see great potential in its offerings. This Web3 gaming platform is designed around virtual horse racing, providing a multifaceted experience for players who can train, develop, and compete with their digital horses.
One of the platform’s most innovative aspects is its AI-powered wearable NFTs. These allow players to not only customize but also enhance the attributes of their digital horses, adding a layer of strategy to the game. Such features underline the unique appeal of DigiHorse, blending gaming with advanced technology.
DigiHorse operates on a play-to-earn model where participants earn DIGI tokens through in-game activities and achievements. This system not only incentivizes play but also enhances the value of DIGI tokens, making them a more attractive investment option. Additionally, the platform supports the trading of digital horses and AI wearable NFTs among players and blockchain users, further enhancing the utility and liquidity of DIGI tokens.
Currently, DIGI is priced at $0.003333, as listed on the official website. With analysts predicting a jump to $0.075 at launch, early investors could see a dramatic 2150% increase in value. Those entering in the stage 1 investment phase are projected to achieve returns up to 30 times their initial stake.
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