One look at recent news headlines and if you are a Cardano bull, you might immediately say that things are looking up. This is because multiple news outlets announced that whales have been accumulating Cardano.
A look at the price action over the past few days however tells a more sober story. Price is still hovering at around the same band between 29 and 30 cents.
This is just another example of why you should not believe the news blindly. So what should you do whenever you see any news whether it is positive or negative?
One mentor trader used to tell us not to read the news at all. Instead he asked us to look at price movements instead as that is what will tell you where the market is heading. The thinking behind this is any movement including hidden ones like market manipulation will be reflected first in price charts. In addition, news are oftentimes exaggerated or selectively presented in order to support the agenda of the news outlet and its supporters/advertisers.
The problem with only looking at price movements is you lose sight of fundamentals including the instruments’ leadership, long term plans, future projects, financial status and track record. These factors are supposedly already priced in but are they really?
My own recommendation is to use a combination of both methods. Always look at price action to validate what is being said in the news in order not to be swayed by emotions and manipulation. By all means continue to read the news but be sceptical of what you read until it is confirmed by price charts.
In other matters, WISH Pool continues supporting educational charities with its latest donation:
We continue donating despite not making any blocks recently as we strongly believe in the power of education and what it can do to get a family out of poverty. If you are a delegator and also believe in this, we would appreciate if you would delegate to WISH Pool. We can’t promise regular blocks at the moment but if you and more delegators like you come, I’m sure we can be back to regular block production in no time. What we can promise is you will be supporting a pool that is managed by technically strong personnel who always ensures the pool is maintained well.
WISH Pool is the creator of Cardano SPOT Check, an online resource for Cardano Stake Pool Operators for maintaining their nodes (http://SPOTCheck.Blockchainlens.Org) . We were a recipient of the IOG delegation in 2021 and the Cardanoh Foundation delegation in 2022. If you like this article, we greatly appreciate if you will delegate your ADA to WISH Pool. You will be earning interest rewards while helping the lives of disadvantaged children. This is because we pledge to give at least 10% of our own profit to educational charities so that successful students can help get their families out of poverty. Let’s help grow the community together!
WISH Pool by Blockchain Lens 