Cardano Dan's Newsletter - Issue #85
Act Rightly
Quote of the Day
“Just as at the Olympic games it is not the handsomest or strongest men who are crowned with victory but the successful competitors, so in life it is those who act rightly who carry off all the prizes and rewards.”
― Aristotle
Last newsletter I talked about adventures. The Olympics are a great adventure. That adventure kicks off today with the Opening Ceremony of the Tokyo 2020 Summer Olympics.
These Olympic Games almost didn’t happen. It’s a celebration that they’re happening even in the limited way that they are taking place (without spectators). Even without spectators, the Games are incredibly meaningful to the athletes and their home countries. They are competing to win.
We all want to win in life too. Sometimes in life, we’re short-sighted about how the competition is measured. It’s not about who has the most or nicest things. True rewards in life come in the form of legacy and eternity. It is those who “act rightly” that will win the most important competition of all.
In The News
THORChain was hacked yesterday and the hacker left the following message:
Common responses from supporters of the project looked like this:
Thorchain has had a horrible month, not going to sugar coat it. Bleh 😩 The project needs to slow down. Time to take the tortoise strategy. Regardless, I remain a committed supporter, and am glad these issues are being discovered during chaosnet.THORChain has suffered a sophisticated attack on the ETH Router, around $8m. The hacker deliberately limited their impact, seemingly a whitehat. ETH will be halted until it can be peer-reviewed with audit partners, as a priority. LPs in the ERC-20 pools will be subsidised.
THORChain @THORChainI hope more people and projects begin following the Cardano approach. As the hacker said, “Do not rush code that controls 9 figures.”
Elon Musk, Jack Dorsey, and Cathie Wood spoke together publicly at a Bitcoin event. Many have attributed the bump in crypto prices to this discussion.
Here are some of the takeaways including an Elon acknowledgment that he owns Ethereum. I suspect it’s only a matter of time before a similar Cardano ADA acknowledgement happens.
Cardano Updates
Fund 5 Project Catalyst voting is underway. Please vote for NFT Key in the Developer ecosystem challenge!
We’re already hard at work on the project seeking to turn NFTs into keys to help grow Cardano.
Charles provided a brief update on Alonzo testing and other Cardano progress. It sounds like everything with Alonzo is progressing according to plan.
Technical Analysis / Price Discussion
Cardano ADA has successfully reclaimed the 200D EMA as support after it’s recent drop to near $1.
Price action looks peppy to me and I’m expecting a retest of the downtrend resistance line shown (red) and perhaps even the 50 & 100D EMAs just above that level.
I’m very interested to see how ADA behaves at that level. As I shared in the last newsletter, I’m watching $1.50 as the biggest indicator that we’re ready to move higher again. If we break and hold that as support, I think it’s game on again.
Do you think ADA will reclaim $1.50 soon? 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.