Cardano Dan's Newsletter - Issue #24
Better than Charity
Africa week continues! I’ve tweaked the format of the newsletter. Please let me know what you think when you reach the end.
Quote of the Day
“Give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime.”
— Maimonides
There’s some disagreement about where this quote originated, but I’m going with the person who gets the greatest attribution. It’s a great quote. I love the wisdom behind this.
Last newsletter I said we’d talk more about how Cardano has the opportunity to greatly impact the people of Africa for good. To me it’s all about this quote.
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Better than Charity
There are a lot of people in the Cardano ecosystem that are passionate about helping the people of Africa. I love this about our community.
A lot of people help others through charity. Charity is defined as “generosity and helpfulness especially toward the needy or suffering.”1
As a Christian, I think I’m called to love and serve others this way and I try to do that.
Giving people money is tremendously helpful, but it’s even more impactful to help them learn how to generate income and/or provide for themselves on their own.
Charles speaks to these ideas in this clip from a recent AMA.
Cardano Nuggets
P2P communication is one of the legs of the “decentralization stool” of Cardano. IOHK published a blog post describing the importance of this capability and how it works.
The cFund anchored by IOHK and managed by Wave Financial announced an investment in COTI.
Around the Block
Coinbase reported Q1 Revenue of $1.8B ahead of its IPO on the Nasdaq next week.
Related to our topic last week, DeFi broke $100B Total Value Locked (TVL) making it the equivalent of a top 40 U.S. bank. IMHO, Cardano is going to greatly accelerate DeFi growth soon.
NFT fever is hitting new heights. A group of celebrities and investors is hosting a shark-tank like giveaway of $1M to people with the best NFT ideas. I might consider entering, except I’m already pitching an idea as part of Project Catalyst! Please login to IdeaScale to support the initiative with my partner Reliable Staking. We’d appreciate your “clap” if you like our idea.
Technical Analysis
Sometimes the market decides to throw a curveball right before I click publish. I had a whole write-up ready to go for this section, but the current price action puts that analysis into question.
Current pic of Cardano price action below. I’m watching it pretty closely. My base case is that people got offsides again with leverage and the market is shaking people out before it continues higher. Looking for bottom white line to hold as support.
I will say that the pattern (white marker) I had drawn that was tracking quite nicely has broken down.
If bottom white line fails as support, most likely that consolidation continues at that point.
Because I think it’s probably a shakeout, I’ll share the analysis I had written up before this dip…. keep in mind, there are chances the pattern this analysis is based on is overcome by events…
Now for the part many of you are most interested in. Where is Cardano ADA going next!?
I think we’re headed to ~$2.40 or so in the next month or so.
Reason being… we had a very quick move up from about $.35 to just shy of $1.50. Since then we’ve consolidated around 2017/18 highs. There’s lots of ways of drawing that consolidation from a TA perspective.
I had been drawing it as an ascending triangle, but I chose to adjust that to a pennant to remove (what I consider to be) unreliable price action around the Coinbase launch.
With the pennant as my consolidation / down leg from the last big move, we can now chart a measured move. Using the length of the first leg up and plotting that at the point of the breakout from the pennant, we get our target of $2.40.
As a reminder, this is still shy of my 1st target for the 2021 bull run of the ages.
Before You Go
Please share this with people you think will like it!
Also, I’d love to hear your thoughts, questions, and feedback.
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.
https://www.merriam-webster.com/dictionary/charity