Cardano Dan's Newsletter - Issue #157
Quote of the Day
“The thankful receiver bears a plentiful harvest.”
— William Blake
I’ve found this to be true in so many ways and it’s one of the reasons that I say thank you so much.
However, a plentiful harvest isn’t necessarily always what you might think. Sometimes it is just a state of mind or heart that helps you realize that there is so very much we each receive every day to be thankful for.
Regardless of your perspective, Chris and I have received such tremendous support in our Cardano endeavors from the Cardano community and we very much want to say “Thank you!”
Key Takeaways from the Past Week
Monday - People We Love
Entering Thanksgiving week in America, we took time Monday to remember what the week is really all about.
Wednesday - Victory Near
Mid-week, as crypto price action started looking worse, I shared some of my own perspective on the emotions that crypto investors experience in the moments of darkest defeat.
Friday - Fear or Greed
Friday I revisited a quote from Warren Buffett that I’ve used in newsletters before. The best investors are greedy when others are fearful.
Rough week for all of crypto. For Cardano ADA, weekly RSI is lower than it has been since April of 2020. That’s right, weekly RSI hasn’t been this low since the month after the COVID crash when ADA was $.03.
Does this mean that ADA can’t go lower? Not at all. But, it does mean that if the bull market is not over (like I still maintain) there is tremendous upside on higher timeframes like days and weeks.
Looking at the log view of the bull channel, ADA is within weeks of touching that support line. I honestly don’t think it will touch it, but if it does, we will get a very important opportunity to test my thesis of still being in a bull market.
Looking at the crypto majors performance since March 2020 lows. ADA is now hanging onto the top spot by a thread as BNB challenge Cardano for the top spot in this bull run.
You’ll notice that this isn’t the first time the BNB challenged Cardano ADA. The success and speed of coming DEX launches on Cardano will have a lot to say about whether or not history repeats itself.
Finally, looking at the market cap ratios against Bitcoin and Ethereum… another bad week for Cardano ADA against Bitcoin and Ethereum has a lot of people feeling really down about ADA.
The victory laps and celebrations from trolls are hard to stomach. This isn’t the first time I’ve experienced this and in the past, it marked a bottom in these pairs. I’ll point you back to newsletters from earlier in the week darkest days, fear and greed, etc.
That’s it for the weekly recap. Hope you all have a great rest of your holiday (for many) weekend!
Before You Go
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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