FET and Dogwifhat Tokens Decline Amid Bearish Signals; DigiHorse's Multichain Move Excites Crypto Community

FET and Dogwifhat tokens face significant declines due to bearish signals and potential support breakdowns, while DigiHorse's planned multichain expansion generates excitement among gamers.

FET Token Holders Enjoy Short-Term Profits, But Bearish Sentiment Signals Potential Decline

Holders of the Artificial Superintelligence Alliance (FET) token have enjoyed profitable returns this week, with on-chain data showing that most transactions over the past seven days have ended in gains. However, despite this positive momentum, the altcoin faces a potential 16% decline as bearish sentiment prevails in the market.

As of now, FET trades at $0.84, reflecting a 3% increase over the past week. Analysis of the token’s daily on-chain transaction volume ratio in profit versus loss indicates that the majority of traders have secured gains during this period. On Thursday, the metric reached 2.40, its highest level since July 27, signaling that for every FET transaction ending in a loss, 2.4 transactions concluded in profit.

This trend typically suggests accumulation by large investors, a sentiment supported by a 16% increase in FET whale activity over the past week. Santiment data reveals that these investors, holding between 10,000 and 10,000,000 tokens, now control a significant portion of FET’s circulating supply, further influencing market dynamics.

However, caution is warranted as bearish indicators persist. The Elder-Ray Index, which has consistently shown negative values since July 23, currently sits at -0.097, reflecting the dominance of sellers in the market. Additionally, FET is trading below its 20-day exponential moving average (EMA), signaling a short-term downtrend that could lead to further declines.

While FET holders may be enjoying recent profits, the prevailing bearish sentiment suggests that a cautious approach is advisable moving forward.

Dogwifhat's Steep Decline Raises Concerns; Technical Indicators Signal Further Drops

In a swift reversal of fortunes, the price of Dogwifhat (WIF) has halved, plunging from a high of $3 to a current value of $1.56. This dramatic drop has stirred a mix of fear and speculative buying among investors, with some seeing it as an opportunity to buy low.

However, a closer look at WIF's technical indicators paints a more cautious picture. The Relative Strength Index (RSI), a vital tool for evaluating momentum, has fallen to 40.21, signaling a bearish trend. This decline in RSI often precedes further price decreases, suggesting that WIF may continue to lose value.

The bearish sentiment is echoed in the trading market, as evidenced by the Long/Short ratio reported by Coinglass, which stands at 0.89. This figure indicates that short sellers currently dominate the market, anticipating further price declines. This sentiment was bolstered by a significant bearish engulfing candle on August 11, which led to a nearly 20% drop over the following four days.

At the moment, WIF's price hovers just above a crucial support level at $1.50. If it breaks below this threshold, the next stop could likely be $1.25, complicating the recovery path. The Moving Average Convergence Divergence (MACD) indicator further supports a bearish outlook, with recent shifts suggesting that a price recovery isn't on the horizon.

Nevertheless, if the market conditions change and bullish momentum builds, there's a chance for WIF to rebound to higher resistance levels at $1.76 and potentially $2.20. Investors and traders alike should keep a close eye on these technical indicators to gauge the coin's future movements accurately.

DigiHorse's DIGI Token Poised for Explosive Growth Amid Presale Buzz

DigiHorse Empires is currently making waves in the cryptocurrency market with its native token, DIGI. Priced at a modest $0.00333 during its ongoing presale, DIGI has attracted significant attention with analysts forecasting a potential surge to $0.075 post-listing—a whopping 2,150% increase. With 450 million tokens available in this presale, early investors are positioned for potentially substantial returns.

In preparation for a robust market debut, DigiHorse plans to launch DIGI on multiple exchanges, including at least two top-tier platforms, enhancing its visibility and trader accessibility. Further bolstering its market strategy, DigiHorse has secured partnerships with major gambling companies, aiming to broaden its user base and diversify its revenue sources.

DigiHorse's play-to-earn model, built on the Base Blockchain, allows players to earn income through various in-game activities. This model ensures secure and efficient transactions, carving a niche for DIGI in the competitive Web3 gaming landscape.

Learn More About the Thrilling Opportunities of DigiHorse ($DIGI) Presale Now!

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