16/09/2022 Polkadot (DOT) and Kusama (KSM) Face Price Crash as NFT Event Starts

Polkadot (DOT) and Kusama (KSM) Face Price Crash as NFT Event Starts

Polkadot (DOT) and Kusama (KSM) are barely holding on above the yearly lows and could break down soon, accelerating their rates of decrease.

On Thursday, as part of theBerlin Blockchain Week, nine of the Polkadot ecosystem’s top projects gathered to host a conference andnon-fungibletoken (NFT) gallery. The event will feature some of the top artists to have minted NFTs on Polkadot and Kusama.

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DOT

DOT has been decreasing underneath a descending parallel channel since reaching an all-time high price of $55.09 in Nov. 2021. The downward movement led to a low of $6 in July. Afterward, the ensuing bounce validated the $6.60 horizontal area as support (green icon).

Despite the bounce, DOT has returned to the support area once more. Additionally, it is at risk of falling below the middle of the parallel channel.

So, the price may break down. This possibility is supported by the weeklyRSI, which is below 50 and consistently decreasing.

The daily chart shows that DOT has been falling underneath a descending resistance line since the beginning of May. It was rejected by the resistance line on Aug. 12 and has been falling since.

Additionally, DOT decreased below the $7.70 horizontal area, which has now been validated as resistance (red icon). Finally, the daily RSI has now moved below 50.

Therefore, due to these bearish readings, a breakdown from the previously outlined horizontal support area seems to be the most likely scenario. A breakout from the descending resistance line would invalidate this possibility and suggest that an upward movement is forthcoming.

At present, this seems unlikely.

KSM

Similar to DOT, KSM is barely holding on above its yearly lows at $46. So far, the area has been tested four times. Since horizontal levels get weaker each time they are touched, an eventual breakdown from this area would be expected.

Furthermore, the daily RSI has broken down from the 50 line and validated it as resistance, supporting the possibility of a breakdown.

If a breakdown occurs, the closest support levels would be at $36.10 and $27.05, respectively. These are found by the 1.27 and 1.61 Fib retracement levels of the preceding upward movement.

Arts

https://beincrypto.com/polkadot-dot-and-kusama-ksm-face-price-crash-as-nft-event-starts/

Interesting NFTs
The Harvest
An anthropomorphic figure stands, wide eyed, staring at the viewer; its body masculine, muscular, and humanoid. Its “mind” dissociates into a conglomerate of structures resembling feathers, grain, teeth–as well as a radial flower “node”, casting linear rays throughout the composition. To his left, a vat of bodies gesture and writhe in a kind of amniotic soup, attended by a video game robot. The bot's red display reads “uWu”. Behind the robot and filling the left side of the composition is an archaic figure composed of a variety of vintage objects and symbols. Among them are a hardbound book with ancient cuneiform scripts, indicating barley, beer, bread, ox, house, and sky, behind which is a grimacing, salivating jagged toothed maw; and an old Commodore floppy drive. The figure’s head tilts toward an illuminated crescent moon, suggesting the Egyptian Sacred Bull. The archaic figure is composed of a variety of mutating cells, which shift in color, and pattern; eventually breaking free into an ephemeral broadcast of bubbles which move across the background. The work came into being against a psychological introspection, which included associations to pop culture such as alien abduction and pod people, as well as quite a bit of reflection on grains as a symbol of civilization, agriculture, sustenance, life, and imbibing (mainly whiskies).
Hope
CONGRATS!
^Violet^ RARE.tOM cRUEZ.RICH
Aloha! I'm ^Violet^ RARE.tOM cRUEZ.RICH. I enjoy tricking babies, taking selfies, and reading garfield. When my owner isn't watching, I steal their silk scarves and use them for litter paper. I'm not sorry. Our friendship will be wondrous, stinky, and full of salad.
Ringers #879
There are an almost infinite number of ways to wrap a string around a set of pegs. On the surface it may seem like a simple concept but prepare to be surprised and delighted at the variety of combinations the algorithm can produce. Each output from 'Ringers' is derived from a unique transaction hash and generated in Javascript in the browser. Feature variations include peg count, sizing, layout, wrap orientation, and a few colorful flourishes for good measure.
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