Cardano Dan's Newsletter - Issue #80
Don't Watch the Pot
Quote of the Day
“A watched pot is slow to boil.”
― Benjamin Franklin
Time moves really slowly when you’re waiting for something to happen. It seems everybody that was enjoying the bull run is waiting on pins and needles for it to get going again.
Although sentiment is very bearish right now, I still think we’re in a bull market. Even if I’m right, I know this, watching the 15 minute candles on the charts isn’t going to make the market go up any quicker, because “a watched market is slow to go up.”
Best to use my time doing something else productive in the meantime.
In The News
Caitlin Long has been all over the regulatory news. She’s got a lengthy thread on the comment period ending for the Fed’s proposed payment system access guidelines and why that was an important moment. It’s worth a read.
A Cointelegraph article from this Sunday dropped some direct opinions about Ethereum 2.0 concluding by saying:
“Ethereum might be the darling of the blockchain world, but at some point, the hype may just turn out to be hot air, and it’s very likely that the long-awaited upgrade will not attract wider mainstream adoption. It’s not clear if the expected changes will be able to deliver the promises of the Ethereum Foundation's head honchos. Until Ethereum can solve some of the deeper issues at heart, it's doubtful that Eth2 will make a significant difference for anyone outside of the community of Ethereum enthusiasts. For now, Ethereum 2.0 is not a much-needed game-changer, but rather a cosmetic upgrade.”
Cardano Updates
The Cardano Foundation launched a developer portal to make it easier for developers to learn how to build on Cardano. Check out the thread below for additional details.
Alessandro Berry (creator of Space Budz) announced the launch of a new Cardano wallet. It opens up some really exciting possibilities in a variety of ways and has ignited a lot of healthy discussion amongst the community.
Chris and I are excited to be talking to Alessandro about how we can use Nami as a wallet verification method integrated with NFT Key.
Let me introduce you to Nami Wallet a chrome based browser extension for Cardano. It's finally here! namiwallet.io It's available for Google Chrome, Brave, Edge and any other chrome based browser. chrome.google.com/webstore/detai… @Cardano #Berry
Technical Analysis / Price Discussion
Cardano ADA broke below the support trendline I’ve been tracking before reaching the apex of the support and resistance trendlines.
HOWEVER, it did so on really low volume. When markets have been indecisive or consolidating for a long time, they like to fake one way, before moving with big volume the other way.
On the other hand, if ADA remains below that trendline on larger timeframes without reclaiming it, we’re likely to see a further move down on higher volume.
We find ourselves almost directly in between two important horizontal levels. As long as we remain between the strong $1.00 and $1.47 horizontal levels, the markets clearly remain in a consolidation phase.
I see numerous crypto traders and commentators noting how strong Cardano looks in the midst of a very difficult market for most cryptocurrencies. Here’s one example. I couldn’t agree more.
When considering the upcoming release of Alonzo and smart contracts, Cardano ADA is very well positioned to outperform other crypto when the market begins moving higher again.
Have you taken note of how strong Cardano ADA looks compared to other crypto right now? Leave a comment and let me know.
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.