Cardano (ADA)’s long-standing price problems have tempered crypto traders’ excitement about the platform’s potential. But one analyst believes that this lack of enthusiasm could indicate a possible opportunity.
Ali Martinez told his 73.700 social media followers that he thought it was a great time to purchase more ADA.
Selling now might not be ideal; instead, accumulating ADA during such pessimism could pay off. While selling now may not be the best option, accumulating ADA in such a pessimistic market could prove profitable .”
ADA was trading at $0.339 as of the time this article is written. The market capitalization of the 12th-ranked cryptocurrency asset has dropped more than 1.5% over the last month and nearly 1% within the last 24 hours. The price is down 89% since its highest point of $3.09 in September 2021.
Martinez notes also that Ethereum (ETH), is at a pivotal moment.
If Ethereum loses this level, then a drop to $1,600 could follow. If ETH drops below this level, a fall to $1,600 could be the next .”
ETH was trading at $2.426 as of the time this article is written. Second-ranked cryptocurrency asset has fallen by nearly 1% over the last 24 hours, but is up almost 4% for the month.
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The post Cardano is still in the ‘Deep Depression Phase,’ says Analyst. This article may change as new information becomes available.
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