Cardano Dan's Newsletter - Issue #170

A Loophole

Quote of the Day

“You're born. You suffer. You die. Fortunately, there's a loophole.”

― Billy Graham

It’s Christmas week! Such a special time for so many people in many different ways. This is the week that Christians celebrate the birth of Jesus Christ. Life can be really challenging for a lot of people, and in the end, we die.

But thanks be to God, he provided a loophole where death in this life isn’t the end. Jesus’s birth was a very important part of establishing that loophole. As difficult as it is to remember during all of the business and gift-giving, this is the true spirit of Christmas for me that I will try to remember this week.

In The News

1. Charles is back from his silent week of meditation. His shared about his experience in a blog post. I’m thankful Charles shared about his experience. I think I’d like to do a similar type of thing sometime, maybe with a few tweaks that are appropriate for my Christian faith.

2. Senator Joe Manchin will not agree to the Democrats “Build Back Better” plans saying, “"My Democratic colleagues in Washington are determined to dramatically reshape our society in a way that leaves our country even more vulnerable to the threats we face. I cannot take that risk…” It’s not clear where discussions go next.

Cardano Updates

1. Charles did an AMA after his return and I found the following segment very interesting about how the future landscape of the Stake Pool Operator will evolve.

2. There is a LOT of activity happening in the Cardano space right now. The Equine NFT bundles dropped, ADA Handle’s beta sale happened, Zombie Coins dropped, PAVIA airdropped PAVIA tokens and a lot more projects are getting ready to drop or launch.

Technical Analysis / Price Discussion

There’s a lot going on in this chart. I’ll walk through it.

Current ADA price action is getting squeezed in a descending triangle. This is generally a bearish pattern.

Looking back to a prior larger descending triangle, you can see that price action faked one way, faked the other, and then dropped. So the direction of initial breakout of descending triangles is not necessarily always indicative of where things will go.

IF price breaks down, there is strong support at the $1 level.

However, depending how you draw the prior larger descending triangle, the measured move from the breakdown may already be done and ADA is on top of strong support already. If that holds, and with all of the adoption happening, we could be looking at a large move back higher.

Much of it depends on macro-economic news and Bitcoin price action. Right now, sentiment is negative, but that can turn on a dime. I’m curious to see how Omicron headlines and government decisions will impact markets. I wouldn’t be surprised to see new “stimulus” justified as a result of economic drag from the spread of the new variant.

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.