Cardano Dan's Newsletter - Issue #119
On the Way
Quote of the Day
“You always pass failure on the way to success.”
― Mickey Rooney
I’ve learned way more from my failures than I have from my successes. And trust me, there’s been quite a few.
The thing about failures is that they’re just they are just mile markers on the way to success. The key is to not get stuck at that place.
Investing in crypto is the same way. You need to invest in ways that won’t get you liquidated and in ways that fit your own personal and unique circumstances. Your plan should make it possible to withstand pullbacks like the one we’re currently in. That way it will just be a point in time on the way to success.
In The News
Regulation news is hitting markets anew the same week that Evergrande is making headlines. Yesterday both Gensler and Hsu made waves with very critical takes on cryptocurrencies.
As Zero Hedge notes, it’s not exactly shocking that “the establishment should question private forms of money that are not under their total control.”
Coinbase is becoming more and more active in the push for cryptocurrencies to gain legitimacy with regulators. The company is said to be working on a pitch to federal regulators on how to oversee the crypto industry.
This comes just a couple days after Coinbase dropped their planned lending program after the SEC threatened to sue the company if they launched ‘Lend.’
Right now, I’m viewing Coinbase’s moves as welcomed leadership in the space. They publicly talked about their interactions with the SEC when everyone else was running and hiding. It appears to me like they're putting the company at risk for the betterment of the whole space and the people investing in it.
Seems both bold and necessary.
Cardano Updates
Chris and I launched NFT Key yesterday! NFT Key turns Cardano NFTs into keys. The service is now available to integrators to begin incorporating into their NFT-based projects.
We’ve integrated NFT Key into the Trybbles project to enable Trybbles Club! By signing up for NFT Key, Trybbles owners get access to a special Discord channel which includes a special giveaway just for Trybbles owners!
Introducing Trybbles Club, powered by @nftkeyme Trybbles Club is a way for Trybbles NFT owners to be recognised & rewarded for their support of the project and gain access to utility & cool benefits. 1/The code for the Trybbles/Discord integration is available for other integrators to use here.
NFT Key is the product of A LOT of hard work and funding from the world’s largest DAO - Project Catalyst. Thank you to everyone in the Cardano community who made this possible! We are working hard on the next steps.
A fake version of Daedalus made its way back into Google Play recently. There is no shortage of criminals and scam artists looking to steal your money. Always be on your guard and make sure to use only trusted software and wallets from creators you trust.
Technical Analysis / Price Discussion
There is a lot of negative news / momentum in markets right now. Numerous crypto analysts have pointed out that, historically speaking, September is a bad month for crypto, but October, November and December are very good.
So put all of that together and it’s no surprise that crypto is down the past couple of weeks. However, Cardano ADA is holding its own among the majors.
The chart below shows all of 2021. Cardano ADA has been in a strong uptrend over the course of the year. Yesterday, as ADA dipped, it saw a really strong bounce off of the green trendline.
So, we’ve got a long term uptrend and a very short-term downtrend. There are market and regulatory headwinds and strong historic performance in the months of October, November & December.
I’m sure it comes as no surprise to you that I still expect a Wave 5 higher, starting sometime in October. Even if the green trendline breaks, there’s plenty of support below. ADA markets put in A TON of volume over the months of March to August in the $1-2 range.
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.