Cardano Dan's Newsletter - Issue #70
Character Wrap-Up
Quote of the Day
“When wealth is lost, nothing is lost; when health is lost, something is lost; when character is lost, all is lost.”
— Billy Graham
I’ve been thinking about character a lot this week because it’s the most important thing we have.
We have very little control over wealth. Many of us have invested in cryptocurrencies because of the way our financial world is being manipulated and destroyed. We don’t have a lot of great options left for storing wealth in a reliable way. Thankfully, wealth isn’t really that important in the grand scheme of things.
We want health too, and have some measure of control over that as a function of what we eat, how we exercise and sleep, etc. But in the end, our health is largely out of our control too.
But character, character is in our control. And it’s way more important than wealth or health. In the end, we all die and, in my humble opinion, move onto eternity. What type of character will be part of the legacy you carry into the next life? Will it be one of character or not? That is something we can control.
Key Takeaways from the Past Week
Monday - Character Above Success
On Monday, we talked about the importance of character above success and the exciting launch of a fine jewelry line backed by Cardano NFTs.
Wednesday - Who to Trust
Mid-week, we considered considered who we can trust and got an update on the progress of Alonzo testnets.
Friday - Character Index
On Friday, we looked at a good way of gauging character and hit some highlights from the June edition of Cardano 360.
Technical Analysis
Weekly updates are all about zooming out. The entirety of the current bull run for ADA is shown below.
Last week I added the bull cycle channel to the chart below. At the moment, we remain at the centerline of that channel, along with the centerline of the short-term channel, both of which are above the 200D EMA and neckline of a potential head and shoulders pattern.
We’ve bounced back from oversold conditions on the daily timeframe and this week has seen significant volume.
Tuesday’s drop below the 200D EMA and neckline of the pattern mentioned above saw significant buying pressure. It’s possible that was “max pain” for the current pullback. That is my suspicion and expectation.
If I’m wrong, the bottom of the bull-run channel could be in play, targeting around $.50.
Looking at the crypto majors performance since March 2020 lows…
Nothing new here, Cardano ADA remains in a league of its own. In fact, there were times this week that ADA lead the rest of the markets.
Finally we look at our Bitcoin and Ethereum comparisons using market cap ratios.
Cardano has a good week against Ethereum and a fairly even week against Bitcoin. The ETH comparison looks like it could get interesting soon.
Keep in mind that Cardano is on a clear path to the launch of smart contracts on a very sustainability-friendly platform. There’s a lot to like about Cardano right now.
That’s it for the weekly recap. Hope you all have a great rest of your weekend!
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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