Cardano Dan's Newsletter - Issue #111
Doesn't Matter
Quote of the Day
“If you don't mind, it doesn't matter.”
― Jack Benny
Between all of the FUD lately and the drop in markets yesterday, I was looking for a funny quote to lighten the mood.
I found a lot of good ones. But, then I stumbled on this quote and it was both funny and relevant to the moment.
Are you all roiled up about what the haters think? If you stop minding what they think, it will no longer matter. Stop giving hateful people the right to ruin your mood.
In The News
Bitcoin is now legal tender in El Salvador. Charles shared his thoughts about this significant event in a short video.
Crypto markets had a very negative day. This article describes what happens when too many traders get overconfident and overleveraged. This is pretty common behavior and an example of why it is VERY dangerous to trade with leverage in crypto markets.
Cardano Updates
Only 4 days left until the Alonzo hard fork! The update proposal was successfully submitted to Mainnet yesterday. Smart contracts are coming to Cardano on September 12th!
Input Output published a new blog post that’s worth a read. I don’t know about you, but I love the idea of “no surprises transaction validation” on Cardano.
Technical Analysis / Price Discussion
Daily RSI has been reset back to below 50. Cardano ADA is not closer to oversold than it is overbought. The last time ADA saw RSI levels this low, price was $1.22.
This is very positive. I’ll be watching the $2.47 level to see if it holds as support. If it does, I wouldn’t be surprised to see a quick move higher, or further consolidation.
There’s a reason it bounced where it did after the big drop yesterday. So much volume was put in between $1 and $1.80 that I really don’t expect ADA to drop any further than that.
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.