Cardano’s (ADA) long-running price woes have dampened enthusiasm among cryptocurrency traders about the future of the smart contract platform, but one analyst believes the lack of enthusiasm signals a potential opportunity.
Ali Martinez told his 73,700 followers on social media platform X that he thinks now is actually a good time to buy more ADA.
“Cardano investors appear to be deep in the recessionary phase of the market cycle. But often there is opportunity there. Selling now may not be ideal. Instead, accumulating ADA can pay off in such pessimistic circumstances.”
ADA is trading at $0.339 at the time of this writing. The 12th-largest cryptocurrency asset by market capitalization is down nearly 1% in the last 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 set in September 2021.
Martinez also points out that Ethereum (ETH) is currently in a “critical moment.”
“If Ethereum maintains support above $2,300, a new rally towards $6,000 could be seen soon. However, if ETH loses this level, the next step could be a decline towards $1,600.”
As of this writing, ETH is trading at $2,426. The second-largest cryptocurrency asset is down nearly 1% in the last 24 hours, but is up nearly 4% in the past month.
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