Cardano Dan's Newsletter - Issue #48
Greed or Fear
Quote of the Day
“Be fearful when others are greedy, and greedy when others are fearful.”
― Warren Buffet
First time using a quote more than once… it’s a good one though.
Lots of people buy the rip and sell the dip. They have that all backwards. You want to buy low and sell high.
Warren Buffet had it right when he said to take the opposite approach of other others. The trick is that it is REALLY hard to do because when there’s fear, it’s REALLY hard to buy, and when there’s GREED, it’s really hard to sell.
Nevertheless, as an investor and/or trader, you need to train and condition yourself to be prepared to execute on a strategy or plan ahead of time.
I’ve conditioned myself to hold through dips like the one that we’re currently in because I don’t want to miss the rip that inevitably comes as part of a bull market like the one that I think we’re in.
It takes a lot of hard work to prepare for situations like the one we’re in now, but let me encourage you to do the work to prepare for these situations. Trading is more psychological than anything else. Set yourself up for success by preparing accordingly.
In The News
Ethereum dodged a bullet when it patched a vulnerability that “could’ve crippled ETH over the past 2 years” for less than a few thousand dollars.
I’m glad this threat wasn’t realized, it would have been bad for all of crypto. However, it is an important reminder of the stakes involved in cryptocurrency projects and it reinforces once again my belief in Cardano’s rigorous research and development approach.
The NFT market has cooled considerably after its extraordinarily hot start to the year.
This isn’t surprising, but I don’t think it’s the end of NFTs either. The next phase of NFTs will be NFTs with utility. Smart contracts and services like our NFT Key service will give NFTs utility they’ve never had before.
Cardano Updates
Chain Games announced that they’ll be “exploring & testing” Cardano’s ERC20 converter on the testnet!
Cardano Foundation shared in the video below that they’ll be launching a developer portal that showcases what developers can do with Cardano to help drive the goal of capturing business value on Cardano.
Business value is being measured by the Cardano Foundation in terms of how many bytes of information are being stored in each transaction on the blockchain.
Technical Analysis
Ok, folks - I know that if you invested in Cardano ADA recently this is very scary. If you’ve invested more than you can afford to lose, it should be and you should reevaluate what you’re doing. Even if you’ve invested an amount you can afford to lose, it’s still scary.
Here is some context that may help…
and…
So this is all normal bull market stuff. Assuming I’m right that we remain in a bull market, I think we’re quite close to support levels that will hold.
$1.56 - $1.49 fences the .618 fib retracement level of the most recent move. Those three levels together provide support that I expect to hold in the near future.
Even if they don’t hold, I don’t necessarily believe that means the end of the bull run. It would depend on the price action below those levels.
What do you think? Are we still in a bull run?
Do you know anyone that would benefit from my newsletter? Please share it with them today!
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.
Hell yea we are still in the Bull run. Just wish i didn't buy so many of the recent dips & missing out on this one.