Cardano’s (ADA) long-standing price woes have dampened crypto traders’ enthusiasm about the smart contract platform’s future, but one analyst thinks a lack of enthusiasm signals a potential opportunity.
Ali Martinez tells his 73,700 followers on the social media platform X that he thinks it’s actually a good time to buy more ADA.
“Cardano investors seem to be deep in the depression phase of the market cycle, but that is often where opportunities lie. Selling now may not be ideal; instead, accumulating ADA during such pessimism could pay off.”
ADA is trading at $0.339 at the time of writing. The 12th-ranked crypto asset by market capitalization is down almost 1% in the past 24 hours and more than 1.5% in the past month. It is also down more than 89% from its all-time high of $3.09, which it reached in September 2021.
Martinez too notes that Ethereum (ETH) is currently at a ‘pivotal moment’.
“If Ethereum maintains support above $2,300, another rally towards $6,000 could be on the horizon. But if ETH loses this level, a drop to $1,600 could be next.”
ETH is trading at $2,426 at the time of writing. The second-ranked crypto asset is down almost 1% in the past 24 hours but is up almost 4% in the past month.
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