It is customary for buyers to take advantage of the dip, which allows them to buy the asset at a lower price with hopes of selling for a profit when the price is right. Was the recent drop a perfect opportunity to buy more Cardano?
While dips are always good for buyers, the price of ADA has continued to consolidate for the most part. According to reports, during this period, the price support around the buy range was between $1.12 and $1.20. At the time, $3.88 billion worth of ADA was bought from 198,000 addresses.
In the long run, the entry point does not have much significance for long-term investors. The best time to have invested in ADA was three years ago during its launch. However, since this is no longer an option, taking action now is the next best thing. Notably, investors who bought ADA during the dip would be earning a profit of between 20 to 30 cents. For long-term investors, experts predict the asset would be valued at $2 before the end of the second quarter.
Both fundamental and technical analyses show that ADA will likely experience strong bullish trends in the second and third quarters of 2021. For instance, some like Lark Davis, a crypto influencer, predict that the price of ADA will shoot up in August following its Goguen smart contract launch. According to him, the asset will probably double in price in the lead-up to the event. In addition, the current altcoin season could also help drive ADA prices even higher.