Cardano Dan's Newsletter - Issue #32
Africa Special Soon
Quote of the Day
“It is said that the darkest hour of the night comes just before the dawn.”
— Thomas Fuller
I love the quote above. In general light and darkness metaphors are used more often in a spiritual context. I think that’s quite appropriate.
However, I’ll use the analogy in a crypto application. Crypto markets love to mess with people’s feelings. It’s why we have the acronyms Fear Uncertainty and Doubt (FUD) and Fear Of Missing Out (FOMO) and HODL - which for most people is a way better strategy than trading.
Just when you think you’ve figured crypto markets out, they do something to destroy your confidence. Are you sure they’re going up? They tank. Are you sure they’re destined for a big pullback? They run another 3x.
Things have felt rather dark “around the block” lately. As a result, a lot of folks in crypto pronounced the bull cycle complete. I disagree. I think we’re still in the midst of a historic bull run. Remember that things always feel darkest before the dawn.
If I’m right, the Cardano team couldn’t have picked a better moment for our first news item…
Cardano Updates
IOG announced the Africa Special will take place on Thursday, April 29th at 16:30 UTC. You better believe that I’ll be tuned in.
Chris and I have been working hard at developing partnerships with groups, projects, and people interested in using our upcoming NFT Key service.
We’re pleased to share that we are exploring ways of working with NFT-DAO.org to work together to bring the value of both technologies to the #Cardano community!
NFT-DAO was a Project Catalyst Fund 3 winner and we’re hoping to follow in their footsteps with our Fund 5 proposal.
In The News
Crypto tax updates and legislation continue to be discussed. I for one would love to see some legislation that designates Proof of Stake rewards (e.g. ADA) as NOT taxable until they are sold. The Proof of Stake Alliance had been doing some advocating in this regard, but I’ve not heard any recent updates. If you have any updates about this, please comment below.
There’s been a lot of FUD about governments banning Bitcoin and crypto. But there are reasons to think these concerns are overblown including two crypto companies announcing major board members and executives from the regulator world.
Technical Analysis
Markets responded quite favorably to the announcement of the Africa Special with a quick 4% bounce.
The 50D EMA and bottom of the consolidation range have provided solid support so far. As news and anticipation of the Africa Special spreads, I expect Cardano ADA to test and retake 2017/18 highs ($1.319). After that is reestablished as support, I’m looking for new ATHs and price discovery.
I personally think that the Africa Special will be the event needed to take us to $2 by the end of April. Turns out many of you agree.
But markets do have a lot of people on edge and a break of the consolidation support could see a dip to the 100D EMA which happens to be right around the all-important level of $1.
What do you think? I’d love to hear your thoughts, questions, and feedback.
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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.
Thank You for the update.
It's also depending off bitcoin .
Also I wonder why XRP rises so easily and Cardano reacting slowly .