|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Cardano Investors Are Deep in the Depression Phase, But That's Where Opportunities Lie, Popular Crypto Chartist Ali Martinez Hints at a Potential Rally
Oct 09, 2024 at 04:23 pm
This stage is marked by extreme pessimism, with many investors giving up on the asset's chances of recovery.
Popular crypto chartist Ali Martinez suggests that Cardano investors are currently in the depression phase of the market cycle but hints at a potential rally.
Martinez made the assertion in a recent Twitter post while analyzing Cardano’s price movement. The post features a chart showing the emotional phases of a market cycle, overlaid on another reflecting Cardano’s price actions and investors’ emotional response to these price movements.
#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.
Join me on this trade! Sign up here uD83DuDC47https://t.co/73n8mW9Y5p! pic.twitter.com/hADWEuWs6L
— Ali (@ali_charts) October 7, 2024
According to the chart, the emotional phases include euphoria, complacency, anxiety, denial, panic, anger, depression, and disbelief. Notably, Martinez confirmed that Cardano investors are in the depression phase of the market cycle.
This stage is marked by extreme pessimism, with many investors giving up on the asset’s chances of recovery. At this stage, investors blame themselves for committing huge funds to Cardano, which has declined massively over the years.
Despite this belief, Martinez noted that the depression stage often represents a buying opportunity. He advised against selling ADA at this point, suggesting investors should continue holding and accumulating the coin.
According to the analyst, accumulating ADA during such pessimism could pay off when the market shifts to disbelief, marked by a “sucker’s rally.”
Overall, Martinez is stating the importance of taking advantage of market downturns and accumulating ADA when other investors are scared of investing. He believes this decision might pay off when the market phase shifts to disbelief, leading to a significant rally.
Cardano has experienced its fair share of the market’s unending downturns. The coin, which started the year in the top 10 ranking, is now out of this position. It is currently the 11th-biggest crypto, with a market cap of $12.09 billion.
Data from CryptoRank shows that ADA’s price has plunged 41.9% since the beginning of this year and 41.1% in the past six months. ADA has lost about 11.3% of its value this month alone, as it currently trades at $0.3459 per token. Also, Cardano is down 88.82% from its all-time high (ATH) of $3.10, registered in September 2021.
ADA’s massive price plunge over the years has left many investors in huge losses. According to IntoTheBlock’s In/Out of the Money metric, 75% of Cardano addresses are in losses at the current price. Conversely, 20% of Cardano investors are seeing profit, while the remaining 5% are at break even.
However, despite Martinez’s analysis, IntoTheBlock’s data suggests that most Cardano investors have shown long-term commitment. Notably, 72% of Cardano addresses have held the coin for over a year, while 25% have held onto their ADA between 1 and 12 months. The remaining 3% addresses have been holding the coin for less than a month.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- 6 Altcoins That Could Turn $250 Into $500,000 in the Next Crypto Bull Market
- Oct 09, 2024 at 08:20 pm
- In the rapidly evolving world of cryptocurrency, small investments in the right altcoins can yield life-changing returns. With the next crypto bull market on the horizon, now is the time to build your portfolio with high-potential altcoins positioned to explode.