Cardano Dan's Newsletter - Issue #38
May 1st, 2021 - Weekly Recap
Quote of the Day
“Even a fool may be wise after the event.”
― Homer
Sorry… wrong Homer, this is the one that said it in The Iliad
This week was mostly about the Africa Special. One might think that even a fool might see that Cardano is going to transform the world after this event. Unfortunately it seems as though there are many fools that have a tremendous ability to remain oblivious even after the event.
Key Takeaways from the Past Week
Monday - Crazy Enough
On Monday, while many people were still talking about the end of the bull market, I was talking about Cardano eventually reaching a Trillion $ market cap and asking the question, “Are your theories about Cardano crazy enough?”
Wednesday - Like a Fine Wine
Mid-week, we set the stage for the Africa Special. The good things in life take time and we talked about the long road and hard work that all led to the exciting Africa Special event on Thursday.
Friday - Cardano Passion
We wrapped up the week with my Key Takeaways on the Cardano Africa Special. I would share a couple of those here, but John O’Connor did such a good job summarizing it himself (after my newsletter was released) that I’ll just link his TLDR version here.
Even fools can become wise after seeing numbers like this.
Technical Analysis
The green horizontal line is the 2017/18 high. ADA is in the process of flipping it to support, if it hasn’t complete done that already. We’ve got support and resistance trendlines drawn in green and red respectively. We’ve tested the 100D EMA which is a normal correction level during a bull run.
The federal reserve is trying to give everyone confidence to keep buying. The Biden administration wants to print money like it’s going out of style (which it is). The longer the tax proposals have sat in the public arena, the more it seems like it’s going to be difficult to pass them through the Senate with the massive increases that have been proposed.
Bitcoin is moving back closer to ATHs, Ethereum is in price discovery, Cardano just had a BIG NEWS event.
Add it all up and I think Cardano is moving to ATHs and price discovery very soon. Certainly, out key trendlines show that price will break one way or another in the near future.
Cardano ADA and BNB remain in a league of their own. Ethereum looks like it wants to break away and join the top two. LINK may attempt the same soon too. But if Cardano ADA breaks out soon, it will be difficult for any of them to catch up.
Cardano ADA remains above key support against Bitcoin and I believe Cardano will continue to outperform Bitcoin the rest of this bull cycle. Ethereum has been performing better than Cardano ADA of late and I’m very interested to see what happens with the ETH pair when Cardano ADA breaks into price discovery again.
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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