Cardano Dan's Newsletter - Issue #55
Courage & Readiness
Quote of the Day
"Courage is almost a contradiction in terms. It means a strong desire to live taking the form of readiness to die."
— G.K. Chesterton
In the United State of America, we’re celebrating Memorial Day on Monday. It’s a day to remember, honor and mourn the military personnel who have died while serving in the Unites States Armed Forces.
Now I recognize that Cardano is a global community, so I’ll pause to acknowledge that there are times that the US military may have caused pain or difficulty to someone in our community, and I want to acknowledge that possibility and admit - no country or set of people is perfect.
But by and large, the United State Armed Forces have been a tremendous force for good in the world for many many years. I have family that have served in the military and have personally worked with many servicemen. The people who have died trying to do good while possessing a strong desire to live showed the ultimate act of courage, and for that I honor them today.
To connect this theme to crypto… in a very small way by comparison, investing in cryptocurrencies takes a small degree of similar courage. Most people investing in crypto have a very strong desire to maintain or better their status of living but look around the world and struggle to see how to do that in the midst of the insane monetary and fiscal policy of our world. They venture into crypto, often knowing they could lose their entire investment, because they have a strong desire to prosper and see it as one of the only possible ways.
Today I honor the courageous people of the world - especially those who have given their life serving a greater cause than themselves.
In The News
There was a Bitcoin sponsored car on the front line at the Indy 500 on Sunday. I’m thrilled to see this. Even better, the Bitcoin car didn’t crash! What’s good for Bitcoin is very often good for Cardano.
Biden’s 2022 budget proposal includes new cryptocurrency reporting proposals. I maintain that there is hard evidence to show that much more fraud takes place via cold hard cash than by using crypto.
At the same time, there are people looking to skirt the rules. If you’re inclined not to pay taxes on your cryptocurrency gains, you should think again as it is being made clear that governments will be paying very close attention to cryptocurrency transactions.
Cardano Updates
Charles shared his thoughts on the current markets and the Cardano ecosystem. The bottom line is that regardless of the daily market moves, Cardano is here to stay. I totally agree. Cryptocurrency is inevitable and Cardano is the best of the bunch.
There’s a lot of information coming out about next steps and phases of Cardano technology that are coming after Alonzo and Goguen.
Here’s an informative video from Aggelos Kiayias on “Mithril”
Goguen is not the “endgame” for Cardano at all. We are still very much in the early part of the ultramarathon race that I referenced here.
Technical Analysis
I’ve been saying the bull run is still on and that we’ll be moving higher soon. Sunday we took a big step in that direction. Cardano ADA literally grabbed the crypto markets by their bootstraps and drug them higher on Sunday. ADA moved big (up as much as 22% for the day) and the rest of the markets followed.
Here’s my current chart:
Major observations:
100D EMA level (light blue) coincides with many other important areas (such as 2017/18 high & VPVR). It’s been very strong support.
We have some higher timeframe resistance and support trendlines (bold). We’re currently testing the resistance trendline.
Then we have moderate timeframe resistance and support that forms a symmetrical triangle. These are normally continuation patterns and we’re in a bull market, so that means up.
Also, the symmetrical triangle looks like it wants to morph into an ascending triangle as it’s spending a lot of time recently at the top half of the area. Ascending triangles are also bullish continuation patterns.
To quote myself from a couple newsletters ago, “I continue to think that we’re looking higher in the near term and that higher includes some price action around $2 before we know it.”
If we do see another drop, I’ll be looking to add to my Cardano bag between $.90 & $1.00.
What do you think? Do you think we’re more likely to see $2.50 or sub $1 first?
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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.