Crypto Industry News:
According to Instagram CEO Adam Mosseri, the platform is actively exploring NFT and how it can make them more accessible to a growing user base.
One idea would be to tag Instagram posts that offer NFT as "collectibles." He said there was no official announcement yet, but there seems to be something going on behind the scenes:
"We are definitely actively researching the NFT, and also how we can make it more accessible to a wider audience. I think it's an interesting place to enter and also a way to hopefully help the developers."
Digital artist Sean Williams revealed some of these plans in May when he said Instagram was working on the NFT platform and was contacting future artists in space.
In addition, app developer Alessandro Paluzzi shared details of NFT's capabilities on Instagram at the end of June. At that time, he released screenshots of "Collections", stating that the social platform is actively working on integrating them.
Technical Market Outlook
The ETH/USD pair had broken above the key short-term trend line resistance located at the level of $4,055. The momentum is positive and strong, so the next target for bulls is technical resistance located at the level of $4,121. The larger time from trend, like daily or weekly remains up and there is no sign of trend termination or reversal. The game changing level is the technical resistance located at $4,224.
Weekly Pivot Points:
WR3 - $4,968
WR2 - $4,711
WR1 - $4,167
Weekly Pivot - $3,888
WS1 - $3,641
WS2 - $3,370
WS3 - $3,122
Trading Outlook:
The ABCxABC complex corrective cycle might be terminated, so the next long-term target for ETH is seen at the level of $5,000. Nevertheless, in order to continue the long-term up trend, the price can not close below the technical support at the level of $2,906. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term technical support for bulls. The level of $3,677 is the key mid-term technical support for bulls.
