Cardano Dan's Newsletter - Issue #86
Opinions & Noise
Quote of the Day
“Don’t let the noise of others’ opinions drown out your own inner voice."
— Steve Jobs
Everybody is entitled to their opinion. But that doesn’t mean that you need to listen to every opinion. If you did, there would be WAY too much noise.
Getting advice is important, listening to opinions from people you respect and trust is highly advisable. But you have an inner voice that has an important opinion too!
Don’t live life JUST listening to other people’s opinions. That’s way too much noise.
Key Takeaways from the Past Week
Monday - Compound Rewards
On Monday, we talked the power of compounding rewards and shared Hashoshi’s coverage of NFT Key in Crypto Over Coffee.
Wednesday - Great Adventures
Mid-week, I talked about my love of adventures and we discussed the big news that Cardano native assets are beginning to list on exchanges!
Friday - Act Rightly
On Friday, we talked about how “acting rightly” yields the greatest rewards in life and celebrating the opening of Fund 5 Project Catalyst voting. Please vote for NFT Key in the Developer Ecosystem challenge!
Technical Analysis
Weekly updates are all about zooming out. Here are some current observations:
Volume has picked up a little bit recently. But it’s still not huge.
200D EMA broke as support but was quickly reclaimed.
We have a slightly higher low in place, but need to break $1.50 to establish a higher high.
I’m feeling really good about the beginning of another strong wave of price action for crypto in general and Cardano ADA specifically.
If markets were to start moving higher again, the timing would be perfect for Cardano ADA with the release of Alonzo coming in pieces from August - October timeframe.
Alternatively, I could be wrong and the price action could easily move to the bottom of the bull cycle channel shown in the image below.
Looking at the crypto majors performance since March 2020 lows. Nothing new to see here. ADA still on top by far.
Finally we look at our Bitcoin and Ethereum comparisons using market cap ratios.
Cardano had an off-week compared to Bitcoin and Ethereum, although not in a big way. I attribute this to the Jack, Elon, and Cathie event where Elon acknowledged owning Ethereum.
If I’m right that the market is about to resume its uptrend, it would be normal for that to begin with Bitcoin and then Ethereum leading higher first, then to be followed with bigger moves by Cardano and other majors, after that moving to mid and then small caps.
My guess is that throughout all of the various moves in crypto, ADA will outperform and begin establishing new highs compared to Bitcoin and Ethereum. Keep in mind, Alonzo is coming soon.
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