Quote of the Day
“Progress is man's ability to complicate simplicity.”
— Thor Heyerdahl
This is a fascinating quote to me. Progress implies moving forward in a positive way. And yet, most innovation requires something new and never done before which in its very nature is complicated and the loss of simplicity is to some extent a step backwards.
I love the acronym KISS (Keep It Simple Stupid). Many of life’s problems come from making things too complicated. So as we innovate in blockchain and make really great progress, I will strive to keep things simple because there’s a certain amount of brilliance and progress in that too.
Key Takeaways from the Past Week
Monday - Grace Under Pressure
I started the week sharing how I want people to experience grace from me when I’m under pressure.
Wednesday - When Opportunity Comes
Mid-week, we talked about how important it is to be ready when opportunity comes and we considered whether or not that moment was here with Cardano.
Friday - Seeds You Plant
Friday we considered the importance of monitoring the direction of the wind and adjusting our sails so we can reach our destination.
With everything that’s happening on Cardano right now, it is time for some big movement. The launch of AMM DEXs brings with it both opportunity and risk. The opportunity is clear - excitement and demand for ADA may go up notably. The risk is the network isn’t ready for that demand and the user experience may be less than desirable.
Overall market sentiment remains a concern as the Fed and Bankers keep talking up a large number of rate increases next year.
So it’s important to look at upside and downside potential as ADA markets remain indecisive at the moment.
The ADA bull that I am, I expect a breakout of the downtrend resistance and a test of $1.50 in the next two weeks. If this happens, it would be very encouraging to see ADA reclaim $1.50 as support and establish a new higher high above $1.60 ADA.
However, IF Cardano breaks down from the support level that’s broken once but been reclaimed, a test of $1 ADA seems certain again. I expect there to be significant demand if prices reach that level. But if that level wouldn’t hold, much lower price levels could be seen.
Looking at the crypto majors performance since March 2020 lows. ADA remains in the top spot and is showing some really positive signs of life that become more clear in the next chart.
Which brings me to… market cap ratios against Bitcoin and Ethereum…
I said last week:
ADA has broken out of downtrends in both BTC and ETH pairs. This happened right before AMM DEXs are about to hit Cardano Mainnet. There is potential for a big move in the near future if Bitcoin and crypto can stabilize.
ADA had a green week again when compared to both BTC and ETH. Things are looking really good if Bitcoin can remain stable and AMM DEXs launch on Cardano without major problems. There’s a lot of potential at the moment. A lot.
That’s it for the weekly recap. Hope you all have a great rest of your 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