Cardano’s (ADA) longstanding price woes have dampened crypto traders’ enthusiasm about the smart contract platform’s future, but one analyst thinks that lack of enthusiasm indicates 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 deep in the depression phase of the market cycle — but that’s often where opportunities lie. Selling now might not be ideal; instead, accumulating ADA during such pessimism could pay off.”
ADA is trading at $0.339 at time of writing. The 12th-ranked crypto asset by market cap is down nearly 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 set in September 2021.
Martinez also notes that Ethereum (ETH) is currently at a “pivotal moment.”
“If Ethereum maintains support above $2,300, a new rally toward $6,000 could be on the horizon. But if ETH loses this level, a drop to $1,600 might be next.”
ETH is trading at $2,426 at time of writing. The second-ranked crypto asset is down nearly 1% in the past 24 hours but up nearly 4% in the past month.
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Generated Image: Midjourney