Cardano Dan's Newsletter - Issue #31
Moving Forward Together
Quote of the Day
"If everyone is moving forward together, then success takes care of itself."
— Henry Ford
One of my “values” in life is alignment. Working hard on something with people pulling in a different directions is wasted energy. I love this quote from Henry Ford. If we’re all moving forward together, we’re pulling in the same direction and there’s not wasted energy. It’s something I would totally expect Henry Ford to say.
I spent much of the weekend connecting with various different people in the Cardano NFT community. I connected with people from Cardano Kidz, CNFT, NFT-DAO, CardanoNFT, specific Cardano NFT projects, and more.
I’m connecting with all of these different people for many reasons: I love NFTs; I’m exploring launching my own NFTs, Chris (my partner at Reliable Staking) and I have submitted a Project Catalyst proposal for turning NFTs into keys; it’s a vibrant and active community and more.
Some people would have us compete with one another so that there’s a winner and a loser related to NFT efforts in the Cardano ecosystem. I think that’s wasted effort. As I’ve talked about in prior newsletters, I’m all about finding win-win scenarios.
For that reason, Chris and I are looking to partner with anyone and everyone who is looking to utilize our NFT Key service. There won’t be any winners and losers, at least not based on competition. Unfortunately, time is a limited commodity and we may not have enough time to accomplish every idea that our friends and partners share.
Cardano Updates
The team at IOHK released a new version of the Cardano Node (1.26.2) that “ensures that block producing nodes do not unnecessarily re-evaluate the stake distribution at the epoch boundary.” This is an important upgrade. Supporters of Cardano Dan’s Stake Pool and Reliable Staking can rest assured we’re on top of it.
Ben Askren was asked about Cardano after his boxing match against Jake Paul. I love seeing Cardano pop up outside of crypto circles and wish I could be there to see people’s reactions when they say, “Car-what?”
In The News
A drop in Bitcoin’s hash rate and simultaneous rumors about US regulatory moves are suspected of prompting the crypto pullback today that resulted in $10B in liquidations. This is why you shouldn’t use leverage when trading crypto.
Pelé announced his own NFT. We’re still just scratching the surface of what can be done with NFTs and everyone wants in on the game.
Technical Analysis
There was a LOT of FUD around Sunday’s price action. Could we be in for more downside? Sure.
But! We could also be in for some immediate upside too. The last time we saw a daily drop like this was February 22nd and 23rd.
Following those days, Cardano ADA saw a 55% increase in 4 days. What is a 55% increase from where we sit today ($1.28)? You guessed it! $1.985.
Don’t tell me $2 by the end of April isn’t possible. Am I saying it is guaranteed? Not at all. Am I saying it’s still possible? Absolutely.
To balance out my bullish posture, it’s possible ADA struggles to reclaim the 2017/18 high (red horizontal line) as support and we close below the uptrend support (green). That would bring into play a retest of the 50D EMA or even the 100D EMA around $.90. I’m not expecting that, but it’s certainly possible. Always be prepared for multiple scenarios.
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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.
Where can I find out more about your key idea? It might be in line with an idea that’s brewing in my head recently.