Cardano Dan's Newsletter - Issue #67
Character Above Success
Quote of the Day
“I would rather be a little nobody, then to be a evil somebody.”
— Abraham Lincoln
There are a lot of ways to become “somebody” in life. Unfortunately, a lot of the shortest paths to success require compromise.
Immediately you probably think of someone you know, personally or from a distance, that has sacrificed integrity for success. Perhaps you’re presented with a choice like that right now yourself.
Character is important. It’s perhaps one of the most important things we have. Seek to cultivate your character and make it better. It’s more important than being somebody.
In The News
Treasury markets are throwing up on Powell’s plan hawkish posture. The thing is, it’s not all that hawkish.
Ever since 2008, any time the markets throw a fit about the punch bowl being removed, the Fed gives it right back. I expect the same pattern to continue until it stops “working.”
I’ve read numerous headlines about how Coca-Cola lost $4B in value after Cristiano Ronaldo moved two bottles of Coke and advocated for water instead.
But that may not be the truth of the situation. Here’s an article that lays out the timeline of the markets and Ronaldo’s presser that day.
Facts matter. Don’t believe every headline you read.
Cardano Updates
I’m super excited to share that the first Yifu Pedersen fine jewelry auction kicks off on June 24th at 1600 UTC.
Cardano is all about building for the future and the Yifu Pedersen team has captured the essence of that approach in its fine jewelry collection backed by Cardano NFTs, providing certification of authenticity.
Check out the promo for the coming release below and make sure to follow these instructions so that you’re ready for bidding when the auction begins.
In his interview with Lex Fridman, Charles Hoskinson talked about the possibility of Cardano governance tooling being used for online voting in national elections, including the possibility of it happening for a first time in Wyoming in 2022.
I’d be quite impressed (and surprised) if Cardano is used for voting in Wyoming in 2022. That seems really fast. At the same time, I’d confident it will happen, and happen in a big way, before the end of this decade.
Technical Analysis / Price Discussion
Cardano ADA had a nice bounce off of the 2017/18 high. But this was my response when that bounce began…
Unfortunately, ADA lost that level as support overnight.
I’ve talked recently about how volume is really low. Well, we saw some nice volume on the bounce, but it wasn’t an enormous amount of volume. In fact, it was still below the 20D MA for volume. Overnight volume increased even further as the the important 2017/18 high level was lost as support.
My current ADA chart is shown below. I’ve added a shorter term channel within the bull cycle channel I’m tracking. Green line is 2017/18 high.
I’d like to see a breakout of this channel and a move to test the red line which is the most important resistance on the daily chart.
However, it looks like price will continue lower in the channel towards the white line and midline of the bull cycle channel as the next important area of support to be watching.
Testing that line brings a fairly ugly head and shoulders pattern in to play. (A cleaner head and shoulders pattern is visible on the Bitcoin charts.) If support fails, we have a pattern that could take us to the bottom of the bigger channel around $.50.
I don’t expect that and continue to believe the bull cycle will continue, but it is a scenario to be aware of.
As a reminder, crypto markets love to exert maximum pain on traders and investors to wash them out of their positions right before the markets reverse. There is a lot of FUD in markets right now and we could be approaching that max pain level. We shall see.
What do you think? Are we close to max pain? Leave a comment below!
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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.