Cardano Dan's Newsletter - Issue #90
Secret of Success
Quote of the Day
“You will never change your life until you change something you do daily. The secret of your success is found in your daily routine.”
— John Maxwell
It’s one thing to think big or talk big about changing the world. It’s another thing to actually do it. Having a vision is important. Executing the vision is just as important.
Do you have grand plans and big goals? Take steps to align you daily routine with those priorities. In the age of social media and constant distractions, it can be all too easy to let your daily time get away from you.
I’m personally recommitting to make some improvement to my daily routine. You might benefit from doing the same.
Key Takeaways from the Past Week
Monday - Buy a Toaster
On Monday, we pointed out that crypto is the wrong investment vehicle if you’re looking for guaranteed returns and touched base on a couple challenges of going full-time crypto.
Wednesday - Dare to Dream
On the other hand, mid-week I talked about crypto being the right place to be if you dare to dream dreams and we discussed some big community launches including the CNFT marketplace and Mercury WooCommerce plugin.
Friday - Involve Me
To close the week, we discussed how Cardano is using a really savvy approach by engaging the Cardano community and helping them learn how to build on Cardano. We also covered some Cardano 360 news including Alonzo being on track and Project Catalyst voting coming to a close. Please vote for NFT Key in the Developer Ecosystem challenge if you haven’t yet!
Technical Analysis
Weekly updates are all about zooming out.
In the last weekly recap, I said
I’m feeling really good about the beginning of another strong wave of price action for crypto in general and Cardano ADA specifically.
This week was a good step in this direction. Here are some current observations about Cardano ADA:
ADA saw a strong bounce off of the 200D EMA and .618 fib level at the same time that Bitcoin has seen a strong recovery from $30k.
ADA is currently trying to reclaim the 50D EMA as support.
$1.50 remains a crucial level that’s important to reclaim to show ADA is ready for a new move higher.
We’ve seen a slight uptick in volume, but nothing extraordinary.
I remain prepared for the possibility of testing the bottom of the bull run channel, but my primary expectation remained a major Wave 5 run starting soon (if it hasn’t already begun).
Alonzo is just around and things are about to get REALLY exciting in the Cardano ecosystem. I expect price action to reflect this excitement and all of the potential to come.
That being said, there remains the looming specter of crypto related legislation and regulation. If something major happens in that regard, it could be very negative or positive. Hard to predict the impacts of these actions.
Looking at the crypto majors performance since March 2020 lows. Nothing new to see here. ADA still on top by far.
What I’m most interested with this chart is what happens with it when we enter the next leg of the bull run.
Finally we look at our Bitcoin and Ethereum comparisons using market cap ratios.
I said last week
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.
That’s exactly what we saw this week. Bitcoin and Ethereum continued to lead higher and you’ll see below that Cardano, while it did well, didn’t perform as well. Keep your eye out for a really nice move from Cardano ADA compared to Bitcoin and Ethereum in the coming weeks.
The Cardano / Ethereum ratio appears to be at some particularly interesting support levels.
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