Cardano Dan's Newsletter - Issue #161

Simple Smile

Quote of the Day

“We shall never know all the good that a simple smile can do.”

— Mother Theresa

I’m stuck by how little we really appreciate how much we impact those around us and how little we know about what’s going on in their lives.

A simple smile, a small act of kindness, or some encouraging words can dramatically improve a person’s day or maybe even their life. So do something simple today to encourage someone. When you reach heaven, you may find out you changed their life.

Key Takeaways from the Past Week

Monday - Kind of Disease

We started the week reflecting on the importance of laws and the importance of treating crime like it’s a kind of disease.

Wednesday - Unlikely Places

Mid-week, we used a great quote from Lord of the Rings to reflect on the truth that courage is found in unlikely places.

Friday - Living Dead

Friday I reflected on the importance of living life instead of just existing until you die.

Technical Analysis

Last week I shared:

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.

Well we got that test much quicker than I anticipated as all of crypto puked overnight into the weekend.

In fact, price action actually pierced the bull channel support but quickly regained it.

Weekly RSI hasn’t been this low since the 3rd week of the bull trend! If we are still in a bull market, there is significant upside given this and other indicators.

Alternatively, the bull market thesis is being actively tested and is truly at risk for the first time in my mind. I still think we’re in a bull market, but it’s important to be aware of the alternatives.

Looking at the crypto majors performance since March 2020 lows. ADA has been displaced as the top performer at times this week by both SOL and BNB.

But ADA also fought back to reclaim the top spot when it broke out the downtrend channel before all of crypto dumped. The picture below shows the status of the fight for the top spot at the time of writing.

Finally, looking at the market cap ratios against Bitcoin and Ethereum… Cardano ADA held its own against Bitcoin this week while losing more ground to Ethereum.

Even with recent performance against Ethereum looking horrible, ADA has still almost doubled the performance of Ethereum this bull market (see comparison chart above).

With DEXs expected late December or early January, I’m VERY interested to see how this pair will fair in the coming months.

That’s it for the weekly recap. Hope you all have a great rest of your weekend!

Before You Go

Comments are turned on for this post. I’d love to hear your thoughts, questions, feedback, and reflections 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