Cardano Dan's Newsletter - Issue #139
Do New Things
Quote of the Day
“I love going out and doing new things.”
― Bo Jackson
I like Bo Jackson. And I guess I’m a little like him too. I like to go out and do new things.
A couple years ago, I didn’t know much about NFTs. Today I’m part of a team launching a NFT collection on Cardano called Zombie Chains. We’re really proud of what we’ve done.
Our collection is a new kind of thing. I really enjoy doing new things. If you haven’t bought an NFT before, maybe today is your day to do something new too.
In The News
Democrats want to tax unrealized capital gains to fund their proposed spending plans. This opinion piece in the Washington Post explains why the author sees it as an unworkable plan in practice. It’s worth a read.
Charles Hoskinson is traveling throughout Africa and meeting with leadership in numerous countries along the way. This trip is foundational for In The News stories you’ll be reading for years to come.
Cardano Updates
Zombie Chains NFTs drop today! At 1600 UTC (12pm Eastern) our Zombies will go on sale at the Zombie Chains website. If you’re interested in more information about the project and sale, join the Discord Server and follow the project on Twitter.
DEXs on Cardano are getting closer. You can almost smell it. The Sundae Swap team showed off recent progress they made integrating with Nami wallet to build, sign and submit a transition end to end.
Technical Analysis / Price Discussion
Cardano ADA FINALLY broke out of its very tight range. It broke down. It was quite quite a move. I’m sure it liquidated some folks and that’s what increased the size and speed of the drop.
Here’s the 1 hour candle at the moment.
Zooming out, ADA penetrated an obvious support level, but only briefly. Often times, a move like this is a fake move one way, before the real move the other way happens. It’s the market wiping out all traders except those with the strongest conviction before moving the direction that most people expected. That’s what I actually think is happening in this case. This may have been a very brief period of time for people to pick up ADA “on sale” before the Zombies drop.
On the other hand, this could be the beginning of a larger move down. But, I think that’s really unlikely because of all of the volume that was put in between $1 and $1.75. If anything, I could see ADA filling in some volume (spending some time) in the gap in the VPVR profile between $1.90 and $2.00.
If we don’t see a quick move back up over the coming days, we’ll continue evaluating alternative possibilities. On a positive note, thankful for some interesting price action to talk about again!
See you at the Zombie Chains drop!
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.