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
Traffic
Traffic explores a crossroads between the metaverse & reality through organized chaos. The complexity of this aural / visual landscape demanded over 200 hours of design time between Slimesunday & 3LAU. Every detail of this piece was built from scratch, from the reflective puddled pavement to the stabbing synthesis of the song. We think we'll be spending a lot more time in the metaverse in the future, don't you?
Ethboy
Young Vitalik takes on the role of Picasso’s son Paulo dressed as Harlequin in this artwork but the octahedron Ethereum logo replaces the chequered pattern of the original jester outfit. Leaning against a large chair, the boy genius fiddles with his fingers in a somewhat nervous manner; nevertheless, he stares directly at the viewer with what appears to be a confident, ‘Mona Lisa-like’ smile. Vitalik has no idea what the future has in store for him, but he’s prepared to face any obstacle ahead as he begins life's adventure.
Marinalandia
The aquatic world in a world to observe, to recreate, like the glacial landscapes. Both are a planet within ours, full of colors in the tropical case or minimalist in the glacier case, with strange species and wonderful animals each in its environment. This visual toy brings you a piece of that world in a fantastic setting.
#92379
By OthersideDeployer
Gen 1 Otaku Gerbil 1/1 RARE!
*hissing noises*! My name's Gen 1 Otaku Gerbil 1/1 RARE!. I once peed on Nelson Mandela's cat. They had it coming. In my free time, I can usually be found seductive or riverdancing. We can be friends, but keep the ultra purrsonal stuff to yourself, please.