Clay Nation Announces NFT Collaboration with Snoop Dogg on Cardano

Key Insights:

• Clay Nation announces the launch of a new NFT collaboration with Snoop Dogg and Camp Medici on Cardano.
• The latest Snoop Dogg collection comes just after last month’s launch of the SuperCuzz collection on MakersPlace.
• Technical indicators are bearish, with a bearish cross sinking ADA this morning.

Snoop Dogg continues to drive NFT interest, with collaborations hitting several NFT marketplaces in recent months.

The launch of new collections comes despite falling NFT trading volumes across major NFT marketplaces.

Last week, FX Empire reviewed ETH-based NFT trading volumes, which have retreated. This week, we also reviewed Solana (SOL) based NFT trading and transaction volumes following last week’s launch on OpenSea.

This week, Clay Nation announced a new collaboration with Snoop Dogg and Champ Medici.

Clay Nation Launches Collaboration with Snoop Dogg and Champ Medici

Clay Nation announced its official collaboration with Snoop Dogg and Champ Medici on Twitter. The original handmade Clay NFTs project tweeted,

“We have launched our official collaboration with Snoop Dogg & Champ Medici – bringing iconic clay animations, land pitches, and unlockable music content to Cardano.”

We have launched our official collaboration with @SnoopDogg & @champmedici – bringing iconic clay animations, land pitches and unlockable music content to #Cardano.

🔥🔥🔥

Ain't nothing but a CLAY thang pic.twitter.com/pKLlmtSBz4

— Clay Nation 🏕️ (@The_ClayMates) April 10, 2022

The collaboration will bring fans collectibles, unreleased music, & limited edition ‘pitches’.

Last week, Cardano founder Charles Hoskinson and Snoop Dogg met to discuss music, NFTs, and the Cardano (ADA) ecosystem.

Ahead of the meet, Hoskinson shared a tweet from Input Output HK announcing a Twitter space meet with Snoop Dogg and Champ Medici.

Hoskinson tweeted,

“Yes, I’ll be with Snoop Dogg on the 5th. I have the best job in the world.

Yes, I'll be with Snoop on the 5th. I have the best job in the world https://t.co/mzoChtqRDS

— Charles Hoskinson (@IOHK_Charles) March 31, 2022

The latest collaboration on Cardano has provided ADA with no price support.

ADA Price Action

At the time of writing, ADA was down by 6.57% to $0.9595. A bearish morning saw ADA slide to a morning low of $0.9575.

ADA fell through the First Major Support Level at $1.0109 and the Second Major Support Level at $0.9942.

Technical Indicators

ADA will need to move through the day’s Major Support Levels and the $1.0403 pivot to make a run on the First Major Resistance Level at $1.0566. ADA would need the broader crypto market to support a move through to $1.00.

A rebound and extended rally would test the Second Major Resistance Level at $1.0865 and resistance at $1.10. The Third Major Resistance Level sits at $1.1323.

Failure to move through the Major Support Levels and the pivot would test the Third Major Support Level at $0.9480. Barring an extended sell-off throughout the day, ADA should avoid a return to sub-$0.94.

Looking at the EMAs and the 4-hourly candlestick chart (above), it is a bearish signal. ADA sits well below the 200-day EMA at $1.0540. This morning, we saw a bearish signal. The 50-day EMA crossed through the 100-day EMA. The 100-day EMA also narrowed to the 200-day EMA, bringing support levels into play.

A further narrowing of the 50-day EMA on the 200-day EMA would bring the Third Major Support into play.