ETH - Cardano: Buy the Dip?
2023-05-10 08:39:00 ET
Earlier this year, it looked like Cardano (CRYPTO: ADA) might be headed for a major breakout. However, Cardano is now down nearly 20% from its 2023 peak and is officially in "dip" territory. Cardano is currently trading at just $0.37.
That's both good and bad news. It's bad news because Cardano is obviously having a very difficult time breaking through the $1 price level . However, it's good news because this dip could represent a cheap buying opportunity for crypto investors. Let's take a closer look at three big reasons to be optimistic about Cardano.
At the beginning of 2023, one of the key priorities for Cardano was the development of its presence in the decentralized finance (DeFi) space, an area where it has historically lagged blockchains such as Ethereum (CRYPTO: ETH). So far, it looks like Cardano is delivering on this strategy: New decentralized exchanges are emerging; a new stablecoin project just launched; and new DeFi innovations continue to appear with surprising regularity.
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Cardano: Buy the Dip?