Cardano Dan's Newsletter - Issue #46

Never Give Up

Quote of the Day

“It's hard to beat a person who never gives up.”

― George Herman Ruth

I love this quote. A lot of people have given up on Cardano through the years. A lot of people want you to give up on Cardano.

But the leaders of this project and the prominent community members form a group of people that do not know the meaning of the word quit. We will never give up. And it’s hard to beat a team like that.

Key Takeaways from the Past Week

Monday - Information Overload

On Monday, we talked about information overload and I shared a new Cardano resource to help cut through all of the noise around the project.

I also shared the news about my Moon Man NFT launch, the my first NFT collection to go on sale ever. There’s less than 24 hours left to buy one and there are a few REALLY GREAT misprints still to be found with less than 40 remaining.

Get one now while they’re still available. Here’s a partial screen grab of one the rarest and my personal favorite.

Wednesday - Successful Decision-Making

Mid-week, we pondered what makes successful decisions and talked about some of Cardano’s recent and likely future successes. I also shared an update that we began prototyping our NFT Key service!

Friday - Hidden Agendas

We wrapped up the week discussing hidden agendas and shared some recent crypto examples in the news. I also shared that NFT Key received really great scores from the Project Catalyst Community Advisors!

Technical Analysis

Just four days ago, I said that Cardano ADA could hit $2.42 very quickly. It happened! What a move we’ve seen over the past two days. It happened just as I laid out here.

Let’s take a look at our charts and see what we find. I previously shared this trend-based fib extension. I think it nicely identifies the next near-term target. I see the most likely course as ADA reaching $3 - $4.50 in the next couple of weeks and then consolidating again before another advance.

Looking at the crypto majors performance since March 2020 lows…

During last weekly update I said, “With ADA breaking out of consolidation, I expect it to pull ahead of BNB again over the coming months.” Voila! Look at that move! I expect ADA to retain the top spot over BNB for quite some time.

Some people may be wondering where DOGE is on this chart. I continue to refuse to put a meme coin that could hurt a lot of people on this chart. If Elon publicly hires 100 full-time developers to work on Dogecoin, I’ll add it to the chart.

And looking at our Cardano ADA performance compared to BTC and ETH…

Last week I said, “Cardano is looking poised to breakout in the Bitcoin pairing.” There it was. Last week I also cautioned, “we all know that it only takes one big move from Bitcoin to shake-up the altcoin markets.” That caution still remains. Sometime in the next 2-4 weeks, Bitcoin is going to decide to move and it will slow other coins down at least a little.

Another quote from last week, this time about Ethereum, “so I’m looking for Cardano to test the resistance around that horizontal red line again in the near future.” That’s where we are now, testing the red line resistance.

It’s difficult to say what will happen with the ADA/ETH pair in the near team. Longer term, ETH continues to be plagued by gas fee problems and a very challenging transition to Proof of Stake. On the flip side, ETH has implemented a burn mechanism that will supply constant upward pressure on price.

I’m less interested in ADA / ETH price per token comparisons and more interested in market cap comparisons, so I may switch to that in the future. BTC and ADA on the other hand both have fixed max supplies, similar monetary policies, and no burn mechanism, so the that pairing remains relevant in my opinion.

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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