Analyst Says ‘That’s Often Where Opportunities Lie’ As Cardano Lingers in ‘Deep Depression Phase’
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.”
Source: Ali Martinez/X
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.”
Source: Ali Martinez/X
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.
Generated Image: Midjourney
