Cardano Dan's Newsletter - Issue #81
Circumstances & Plans
Quote of the Day
“Do not try to make circumstances fit your plans. Make plans that fit the circumstances.”
― George S. Patton
Circumstances are what they are. You can do you best to influence the course of events in life but you will often find yourself dealing with circumstances that are out of your control.
When people find themselves in a position where circumstances don’t fit their plans, many try to make their plan work anyway. This shows a lack of realism and/or self-awareness. Pretending a plan can still work after it’s become clear that it cannot is foolish.
Be honest with yourself about your circumstances. Then develop a plan that fits those circumstances. Better yet, have multiple plans in place for many circumstances. Then, it doesn’t matter what the circumstances are, you’ll be prepared. And you won’t try to make the circumstances fit a bad plan.
In The News
Speaking of making circumstances fit a bad plan, Jerome Powell told the Senate that he’s “not concerned” about the rising cost of living (i.e. inflation).
He should be concerned. The Fed is trying to make the circumstances fit their plan and it’s not working very well. The house of cards is getting wobbly.
Axie Infinity is a blockchain based game that this article describes as “a Pokémon-inspired universe where players earn tokens via ecosystem contributions and gameplay.”
Its token is up almost 1,000% over the last 25 days. That’s pretty cool, but what’s even better is how it’s enabling people in struggling countries to earn a living.
Cardano Updates
Charles posted a twitter update about Cardano progress on an Algorithmic Stablecoins.
It was received with a couple unfortunate comments from some big names in crypto. Seems like people are always waiting to take a two word phrase and translate it into something it clearly wasn’t intended to be.
Charles addressed that, an update on Alonzo, and more in this video yesterday.
The Alonzo White testnet is “happily making blocks” and the march toward smart contracts on Cardano Mainnet continues!
We are so close to a transformational moment! I wish more people understood what is coming so they could benefit from the opportunity.
Technical Analysis / Price Discussion
We’re at a pretty important area from a technical perspective. Most of my charts have been logarithmic lately, but this one is back to arithmetic scale.
Moving averages, VPVR, important trendlines, and levels all shown. Related to VPVR, we’re sitting on the POC (Point of Control).
If that holds, along with the 200D EMA, we could easily see a strong advance higher like I’ve been expecting.
If 200D EMA, POC, and green uptrend fail, you can see from the volume profile that there’s a long way down to strong support. That $.40-$.50 level happens to coincide with the bottom of the bull run channel I’ve been showing in log charts for several weeks now.
This is the alternate scenario that I’m tracking. Back to the quote of the day, if circumstances continue moving in this direction, my alternate expectation may become my primary soon. I’m not there yet though.
Do you think there’s significant additional downside before we go up again?
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.