Crypto Industry News:
The luxury brand Prada is expanding its presence on Web3 with the upcoming launch of the new NFT collection. It will correspond to a series of physical t-shirts that will be on sale from December 2019.
According to the company's website, the Ethereum-based 100 NFTs are a fitting addition to the Prada Timecapsule physical capsule, a series of trendy black or white shirts launched in 2019. The physical design, including 100 gender-neutral t-shirts designed in collaboration with artist Cassius Hirst, son of Damien Hirst, will link directly to the NFT screenshots:
"Each part of the capsule will be linked to both a gender-neutral physical product and an NFT, a video GIF from the capsule that represents a digital version of the physical item."
The NFT release aims to mark the evolution of the Timecapsule initiative. On the first Thursday of every month from 2019, the world-famous brand offers an exclusive edition of this series on its website
In the second phase, after the drop off this coming Thursday, each owner of the physical shirt will also receive an NFT which will act as a digital record documenting the serial number of the drop and containing the unique number associated with each shirt.
NFT's first project - "Adidas for Prada" based on Polygon - with sportswear giant Adidas, also came to life thanks to a unique approach. In collaboration with Adidas Originals and artist Zachem Lieberman, the brand sourced art projects that included user-created artwork owned by the creators.
Technical Market Outlook:
The ETH/USD pair has terminated the bounce at the level of $2,014, just below the technical resistance seen at $2,019. Despite the recent efforts, the market keeps making lower lows and lower highs on the H4 time frame chart, so the down trend is still intact. In order to terminate the down trend, the bulls must break through the key short-term technical resistance located at the level of $2,199. The nearest technical support is seen at $1,729 and $1,701 (the last one is the weekly low and the swing low for the last wave down).
Weekly Pivot Points:
WR3 - $2,344
WR2 - $2,313
WR1 - $1,970
Weekly Pivot - $1,829
WS1 - $1,578
WS2 - $1,463
WS3 - $1,233
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames had broken below the key long term technical support seen at the level of $2,000 and continues to make new lower lows with no problems whatsoever. So far every bounce and attempt to rally is being used to sell Ethereum for a better price by the market participants, so the bearish pressure is still high. The next target for bears is located at the level of $1,420.
