Cardano Dan's Newsletter - Issue #28
Let's Build!
Quote of the Day
“It is better to create than to learn! Creating is the essence of life.”
— Julius Caesar
There is no shortage of opportunities to learn about Cardano. I’ve been learning about Cardano for over 3 years and it is a constant process. But for me and my colleague Chris at Reliable Staking, it is time now to create.
Chris and I have submitted a proposal to turn NFTs into Keys. We’re going to provide a service for developers to create new products that provide special access to their news, information, games, services and more based on the NFTs you own.
This will drive demand for NFTs and give them a unique use that they’ve never had before. It will drive adoption of Cardano, increase transactions, and much much more. It’s really exciting.
We could use your support! Please login to IdeaScale and check out our proposal. If you like it, please “clap” for it on IdeaScale. We’d also encourage you to get setup to vote during Fund4 to learn the process in order to be ready to vote for our proposal in Fund5 voting.
Critics of Cardano are constantly calling it a Ghost Chain and taunt, “but what’s built on Cardano!?” They have no idea what’s coming. There’s a huge crowd of people just like Chris and me ready to build and create on Cardano. The coming years are going to be really special.
Cardano Updates
Discussion about BAT moving to Cardano took off on Reddit recently. If you’ve followed me on Twitter long enough, you probably know I love the Brave browser and BAT token. Here I am last year dreaming of BAT moving to Cardano:
In The News
The former director of the CIA says that the inaccurate narrative of Bitcoin being used for illicit activities is distracting from more important things. Morell concluded per Forbes that:
(1) The broad generalizations about the use of bitcoin in illicit finance are significantly overstated. (2) Blockchain analysis is a highly effective crime fighting and intelligence gathering tool.
Good for him. This is the right take and the narrative that crypto is being used for illicit activities is both wrong and tiresome.
Technical Analysis
Updates and news are light today because what everyone really wants to hear about is the price of Cardano ADA!
While everyone else was talking about Cardano ADA being a stable coin or the possibility of a deeper pullback, I’ve been telling you all that Cardano ADA was about to run. Well, it happened.
As I write this newsletter, Cardano just broke $1.50 and is in price discovery.
There are two patterns that you could use to derive targets for this next leg up (1) Pennant (2) Ascending Triangle
Let’s look at the pennant first. A measured move with this pattern has us targeting mid to high $2.30s.
The ascending triangle is shown below. We could argue over the best way of measuring the triangle. Either way, this pattern has a lower target around $2.10 or so.
The flagpole of the pennant pattern took about 3 weeks to form. I see this move being just as fast.
Like my commentary and insights? 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.