Cardano’s (ADA) long-standing price woes have dampened crypto traders’ enthusiasm for the smart contracts platform’s future, but one analyst believes the lack of enthusiasm points to a potential opportunity.
Ali Martinez tells his 73,700 followers on social media platform X that he thinks it’s actually a good time to buy more ADA.
“Cardano investors seem immersed in the depression phase of the market cycle – but that’s often where the opportunities lie. Selling now may not be ideal; instead, accumulating ADA amid 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% over the past 24 hours and over 1.5% over the past month. It is also down more than 89% from its all-time high of $3.09, set in September 2021.
Martinez also notes that Ethereum (ETH) is currently at a “pivotal moment.”
“If Ethereum maintains its support above $2,300, a further rally towards $6,000 could be on the horizon. But if ETH loses this level, a drop to $1,600 could be the next step.
ETH is trading at $2,426 at the time of writing. The second-ranked crypto asset is down almost 1% over the past 24 hours, but up almost 4% over the past month.
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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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