Cardano Dan's Newsletter - Issue #182

We're Here

Quote of the Day

“It's been a long way, but we're here.”

― Alan Shepard

The last few months have felt like an eternity to Cardano investors who expected Dapps and DEXs immediately after the arrival of smart contracts.

But the long wait is finally over and the dawn of Decentralized Finance has arrived on Cardano this week. Make no mistake about it, it’s the reason ADA price has jumped, and there is a lot of excitement ahead in the coming days and weeks. Enjoy the ride!

In The News

1. China unexpectedly cut their official policy rates for the first time since 2020. It will be very interesting to see how markets and central bankers from other nations respond to this news.

2. Walmart is making preparations to move into the metaverse with its own cryptocurrency and NFTs.

Cardano Updates

1. Cardano network congestion has become a thing. There are a lot of reasons why and many people would like to simplify it by pointing fingers at one group or another.
   
   Congestion means there is demand for the network and that is good! Additionally, the Cardano development team has a well thought-out plan for scaling and it’s expected to roll out this year. There may be some slow competition for transactions in the meantime, especially with AMM DEXs rolling out.

2. It is Zombie Hunters whitelist drop week! Zombie Hunters NFT whitelist sale is taking place between between Saturday Jan 22 1700 UTC and Sunday Jan 23 1700 UTC. Check out the example art (all 3 images included in a single NFT below).

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Technical Analysis / Price Discussion

I said on Saturday:

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.

Well, we didn’t need to wait long! ADA jumped higher on news that the first AMM DEX will be launching on Cardano.

The last two times Cardano broke through $1.50, it catapulted almost directed to $2. Looking at recent price action volume profile, there is a gap that suggests the same thing could happen again if Cardano ADA holds $1.50 as support.

I haven’t seen bullish price action like this on Cardano in months. It’s looks very good. Looking for a break of $1.60 now to establish a higher high.

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.