Cardano Dan's Newsletter - Issue #71
Well Traveled Roads
Quote of the Day
“Sometimes the road less traveled is less traveled for a reason.”
― Jerry Seinfeld
Cryptocurrencies are already way out on the risk end of the spectrum of investment options. There are huge rewards to be had in the space, but those huge rewards come along with enormous risks.
When focusing on cryptocurrency opportunities, new project launches and lower market cap coins are the “road less traveled.” There may be some great opportunities there, but there may be some thieves lurking along those roads waiting to jump you.
Especially if you’re new to cryptocurrencies, and struggle to assess the quality of projects, its best to stick to the roads well traveled (highest market cap projects / tokens that have remained in the top 15 for a long time).
These projects have been able to retain that sort of valuation for a reason. In crypto, there really is something to the concept of safety in numbers.
In The News
Internet Computer’s (ICP) price is down 95% in the last two months after its launch.
When I researched ICP around the time of it’s launch, I was stunned it had found it’s way into the Top 10 market cap coins at the time. A number of things didn’t feel right to me, most notably that it seemed quite centralized for an “internet computer.”
This is a great example of why it’s important to be very careful around new project launches.
Federal Reserve representatives are talking more and more specifically about cryptocurrencies. Most recently, Boston Fed president Rosengren discussed Tether in an interview. As usual, Caitlin Long is on point with her coverage.
Cardano Updates
Project Catalyst Fund 4 voting is complete. Our NFT Key proposal is part of Fund 5! Registration for Fund 5 voting begins Jul 8th unless you already registered for Fund 4, indications are that your registration will continue working.
Here are all the latest updates from Project Catalyst’s latest Town Hall:
Following up on some news coming out of the Cardano 360 update last week, IOHK is working with Orion Protocol and the collaboration will make “Orion Protocol the first liquidity aggregator on Cardano.” For more coverage on the story, check out this article.
Technical Analysis / Price Discussion
We are still in the shorter term Cardano ADA channel I’ve been tracking. There’s not a lot new to say.
I’m waiting for a break up out of the short-term channel or a break down of the short-term channel, mid-line of long-term channel, neckline of H&S pattern, and 200D EMA.
Seems to me like there’s a lot more support than resistance at the moment, so I’m inclined to believe we see up.
But it’s hard to discount the possibility of down with all of the regulatory news at the moment and a break of this confluence of support could result in much lower levels.
Up or down? Let me know your thoughts in the comments.
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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.