Cardano Dan's Newsletter - Issue #163

Nothing Permanent

Quote of the Day

“There is nothing permanent except change.”

― Heraclitus

There’s a lot of change happening in the world right now. And it will keep happening, at least in this life.

Change can present a lot of opportunity, but you need to be able to see and act on it. If you’re too busy avoiding change or scared of it, you’ll miss out.

The death of the legacy financial system and birth of cryptocurrencies and blockchain is an example of change filled with opportunity. And you better believe that change is just getting started.

In The News

1. Top executives from a number of crypto-related firms testified before congress today. Almost every report I’ve read of the proceedings said something positive like this.

   Jake Chervinsky @jchervinsky

   Today's HFSC hearing was the most positive, constructive, & bipartisan public event on crypto I've seen in Congress — ever. I mean that literally. It's a testament to the effectiveness of industry & community engagement in DC in recent months. We've made shockingly big progress.

2. Iceland’s national electric provider is cutting power to new Bitcoin miners as a result of a series of issues. In an ongoing energy emergency environment, the value of Proof of Stake consensus will really shine.

Cardano Updates

1. The ERC20 Converter is live on testnet and you can try it out yourself following these instructions!

2. IOHK introduced the peer-to-peer (P2P) testnet in a recent blog post. This is a very important step towards full decentralization of Cardano.

Technical Analysis / Price Discussion

Cardano has massive changes being announced every day. DEXs on Testnet, DEXs soon to launch on Mainnet, ERC20 converter on Testnet, P2P networking on Testnet, smart-contract based NFT marketplaces… the list goes on and on.

On the back of this really positive adoption news, I’m expecting a major move higher any day now. But I’m not telling you anything you don’t already know.

I do want to share an important line of support in case I’m wrong. The green trendline represents important support. If it would be lost on the daily timeframe, it would be reason for concern. If it did happen, it could easily be a fake-out. But it could also be a sign of some longer-term weakness as the bull channel, the trendline, and volume profile support would all be lost.

Always be aware of multiple possibilities - don’t get too focused on just the scenario you want to happen.

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.