Quote of the Day
“Avoid popularity; it has many snares, and no real benefit.”
― William Penn
Cardano ADA hasn’t been very popular lately. A bunch of other cryptocurrencies have.
While this quote from William Penn obviously wasn’t about investing, its application to investing is profound.
“Popular” things have often already seen their greatest gains. In fact, often times they are set for some really negative price action in the near-term. Therefore, when you’re looking for an investment, “avoid popularity; it has many snares, and no real benefit.”
In The News
If the Biden budget proposal is passed, the United States would have the highest tax rate in the developed world.
Apple’s CEO, Tim Cook, owns cryptocurrency and says that it’s a “reasonable to own” as part of a “diversified portfolio.”
Tim Harrison shared that there will be an IOHK blog post today that many people are looking forward to read.
We’ve created an NFT Key video update providing an overview of our progress on our Project Catalyst funded service. We’re hoping that it will be included in this week’s Town Hall.
Technical Analysis / Price Discussion
I said on Saturday
“I’m starting to get the feeling again… I expect fireworks very very soon.”
and then on Monday
“ADA looks set to breakout of the downtrend resistance”
On Tuesday, as Cardano ADA was crossing the downtrend resistance I tweeted
Ladies and Gentlemen, I present to you, sending it with volume.
Retests after breakouts like this are expected and healthy. I’ve add a couple of likely levels to retest (identified before last night’s retest) and we’ve already hit the first level. After a brief period of retesting these levels flipped form resistance to support, I expect ADA to move higher quickly.
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.