Cardano Dan's Newsletter - Issue #112

See Everything

Quote of the Day

See everything, overlook a great deal, correct a little.

― Pope John XXIII

There’s a lot in life that isn’t perfect. In fact, a lot of things fall far short of perfect and we wish they were different.

But if we try and make everything perfect, it will drive us (and the people around us) absolutely nuts. That is a horrible way of living.

At the same time, we need to see everything clearly so that we can understand situations and make the best of them even if we don’t correct them.

So, we should see everything, overlook almost all of it, and correct a little. When we correct, we should be sure to make it count.

In The News

1. The SEC is threatening to sue Coinbase over their plans to launch a lending platform similar to numerous others that have been on the market for years already. This is a must-read thread about the situation from Brian Armstrong, the CEO of Coinbase.

   Brian Armstrong @brian_armstrong

   1/ Some really sketchy behavior coming out of the SEC recently. Story time…

2. Biden announced a vaccine mandate that reaches all the way to private businesses. In my humble opinion, it is an overreach of Presidential authority. I expect it to be overturned by the Supreme Court in relatively quick order.

Cardano Updates

1. Two days until the Alonzo hard fork! It’s not like there will instantaneously be 1000s of Dapps on Cardano. But, it will be an incredibly important and momentous day and I’m very excited for what is bound to be a very busy few weeks of news about project releases afterwards. For example…

2. We’re working with New Mindflow and Ancient Kraken to sell the first NFT with a functional smart contract in the metadata of the token!

   The NFT goes on sale with a public drop on September 12, 2021! Same day that the Blizz Effect Moon Eggs hatch Cardano Dan Moon Men (and, oh yeah, the day of the Alonzo hard fork!)

   New Mindflow @newmindflow

   Presenting the 1st #NFT on #Cardano with a functional, compilable, smart contract in the metadata of the token, completely on-chain: pool.pm/3f72283d65c97e… Art & Production - @newmindflow Smart Contract - @AncientKraken Distribution & Outreach - @CardanoDan & @ReliableStaking

   

Technical Analysis / Price Discussion

When doing my Cardano ADA analysis, I move around between various different tools and indicators. I find it helpful to not get stuck in one way of thinking.

This morning, I’m back to my trend based fib extension. You can see that the prior high in may is one of those levels. ADA is trying to establish that level as support and I think it has decent odds of doing that. If that level fails, $2.20 is the next level that will be tested.

I don’t expect any big moves for ADA between now and the hard fork. Serious investors get gun-shy around events like this.

However, after a successful fork, I expect the move to begin once again. The summit is just a couple of weeks away and there will be some new stories coming out of that, along with some exciting new things being deployed to the network to utilize the foundations of smart contracts for the first time.

Remember, my first target for this bull cycle is $3.90 and I expect we see that before the end of October at the latest. (Read my disclaimer 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.