Justin Bennett, a critic, also a crypto strategist and high-profile trader, is saying that the Cardano bull market is far from over.
He posted on Twitter, telling his 39,200 followers that he believes Cardano, which currently trades at $1.42, may overvalue. He tweeted that a lot of people are trying to tell him the overvaluation of ADA. Knowing the fact that we are in a crypto bull market. That means conventional valuation models will vastly overrate 99% of cryptos. ADA converting sideways for six weeks tells him the market doesn’t believe its overrating at all.
The trader added that he’s accumulating Cardano as he believes the ongoing connection sets up the smart contract platform for a gallant getaway.
He is starting to put together a sizable ADA team. He has had some for a while, but he is going to add to it now. Anything in the $1.10 to $1.30 range is fair game. He doesn’t invest in markets that are trending upward. He invested in markets that recently went skyward and have since gone sideways for more than a month. That’s a prescription for a higher next leg.
Bennett believes the bears will continue to rule until the price of Cardano reaches a critical level, despite the fact that the trader is a long-term positive on the cryptocurrency. He went on to say that the jury is set out on whether the framework for ADA has been laid. With certain anticipated aid scenarios, markets are taking their time, and ADA is still trading below $1.50. As a result, I have to admire the short-term unsatisfactory script.
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