Cardano Dan - Cardano Dan's Newsletter - Issue #129
Quote of the Day
— Adam Fergusson I couldn’t find a good black and white picture of Adam, so I used a related picture instead. Mr. Fergusson wrote, “When Money Dies” - a book that talks about the hyperinflation of Weimar Germany. According to the book, in 1913 just before World War I, “the German mark, the British shilling, the French franc, and Italian lire were all worth about the same.” Fast forward 10 years and “it would have been possible to exchange a shilling, a franc or a lira for up to 1,000,000,000,000 marks.” That is not a typo. We all know the history of what took place in the world following 1923 and in Germany specifically. Scary stuff. When I consider history like that, and then the monetary policy of our current day paired with really messed up supply chains and tense geopolitical situations, I get pretty concerned. All of these considerations are reasons why I’m passionate about cryptocurrencies and blockchain technology and the freedom to use them without oppressive or intrusive regulation. Cryptocurrencies and blockchain provide one of the last possibilities for sound money and I’m very hopeful they’ll succeed where our governments and central bankers have failed. Key Takeaways from the Past WeekMonday - Wisest Counselor Monday we reflected on time being the wisest counselor and I shared that we’re launching a new NFT project on Cardano. Today I announced that project is called Zombie Chains. Follow the project’s Twitter account to make sure you are up to date on the details for the launch. Wednesday - Nothing I never Said Mid-week I talked about why it’s hard for something you don’t say to harm you and we took stock of recent progress on Cardano and the possible timeframe that we’ll see first DEXs on Cardano. Friday - Vast Views Friday’s newsletter talked about how powerful people often think they’re so much more intelligent and insightful than the weak, but that true greatness comes from service. Fund 6 voting in Cardano’s Project Catalyst is also now under way! Technical AnalysisCardano ADA has broken above the short-term resistance shown by the diagonal red line. However, it’s threatening to break down from the longer-term support indicated by the diagonal green line. We’re in a wait and see mode while people wait for DEXs, regulatory threats, and Bitcoin price action to play out. However, I still expect ADA to reclaim $2.47 as support in the coming weeks (horizontal red ray) and after that to push into price discovery once again. There are looming risks in the market though and I’m paying close attention to the Chinese real estate markets and rumored Presidential executive action on cryptocurrency. Given the precarious state of things, while I expect upward movement, I remain aware that there are downside risks too. Looking at the crypto majors performance since March 2020 lows. Cardano still in a league of its own among majors. I’ve added Solana to these charts recently. Finally, looking at the market cap ratios against Bitcoin and Ethereum… Cardano ADA has been lagging behind BTC and ETH for the last 6 weeks or so. However, even during that timeframe, it appears ADA is establishing new levels of support and prepping for another move higher. That’s exactly what I think it will do if we see smart contract adoption over the next 4-8 weeks. That’s it for the weekly recap. Hope you all have a great rest of your weekend! Before You GoComments are turned on for this post. I’d love to hear your thoughts, questions, feedback, and reflections below. This newsletter is for entertainment and educational purposes. I’m not a financial advisor and you should do your own research and consult a financial advisor before investing in cryptocurrencies If you liked this post from Cardano Dan’s Newsletter, subscribe to get it 4 times a week! |
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Cardano Dan's Newsletter - Issue #128
Friday, October 8, 2021
Vast Views
Cardano Dan's Newsletter - Issue #127
Wednesday, October 6, 2021
Nothing I Never Said
Cardano Dan's Newsletter - Issue #126
Monday, October 4, 2021
Wisest Counselor
Cardano Dan's Newsletter - Issue #125
Saturday, October 2, 2021
Success before Work
Cardano Dan's Newsletter - Issue #124
Saturday, October 2, 2021
Natural Progress
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