Nike has extended its digital footprint by acquiring a virtual sneaker design company that makes NFTs for the Metaverse
- Nike enters the Metaverse
- Bitcoin/USD – Where to next
- Ethereum/USD – Move it or lose it
The Nike Metaverse Play
On November 2nd of this year there were rumors of Nike having plans of entering the Metaverse and there were reports of registration requests for the famous logos “Just Do It” and the “Swoosh Logo” for use in the virtual world. The filing was also accompanied by two job postings on the Nike site which would hire virtual material designers, which further confirmed the rumor of Nike entering the Metaverse.
Fast forward to today and Nike has acquired a virtual sneaker designer company that makes NFTs and sneakers for the metaverse, better known as RTFKT. According to the Nike President and CEO John Donahoe, he stated that the acquisition of RTFKT will help to provide next – generation collectibles that blend culture and gaming. RTFKT co – founder Benoit Pagotto also stated that he was excited to grow the RTFKT brand which was completely formed in the metaverse.
“Our plan is to invest in the RTFKT brand, serve and grow their innovative and creative community, and extend Nike’s digital footprint and capabilities” – John Donahoe
BTC Daily Chart
BTC Weekly Chart
In last week’s article when we covered Bitcoin it was priced at about $51k, and as of this morning the price is currently sitting at about $47.5k. Since the last Bitcoin nuke, price action has been very choppy and going back and forth between this daily level of $49.5k. If Bitcoin wants to regain momentum it should reclaim this daily level first before anything else. A minor daily level to watch below for support is $44,150k, but I think the level that is more significant is the weekly MUST HOLD support level which sits at $40.6k (red line).
Bitcoin Bull Scenario
Bitcoin reclaims support over $50k area and then we target $53k next and attempt to reclaim the level.
Bitcoin Bear Scenario
Bitcoin does not reclaim the daily support level of $50k, and then we look for the $44k daily level to hold, or more importantly, the must hold weekly level of $40.6k
ETH Daily Chart
ETH Weekly Chart
While last week’s chart did look bullish for Ethereum, the king of altcoins has been influenced by the bearishness of Bitcoin and the legacy markets. We have lost the very important weekly level of $4k, and at the time of writing Ethereum is currently sitting at $3.8k. In order for Ethereum to continue its uptrend the $4k level must be reclaimed. The next level to watch out below for on $ETH is $3.6k.
Ethereum Bull Scenario
Ethereum reclaims the $4k level on the daily time frame and then pushes to reclaim $4.3k.
Ethereum Bear Scenario
Ethereum loses the $4k level and the next level that I would anticipate as support would be the $3.6k level.