Is this a good time to buy Cardano?

Hi,

I am new to cryptocurrencies though have been interested in the potential of blockchain in general for some time. Cardano caught my interest lately.

I know this is a newbie question and there are many factors to consider but would anyone please shed some light as to whether this is a good time (today or nearby future) to buy Cardano? The current price seems close to the all time high and in my limited understanding this suggests that it might not be the best time to buy. My plan is hodl and perhaps stake some.

I appreciate any guidance.

Thanks,
Ray

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Hi, Ray.

It is always tough to give an opinion when financial matters are at stake so I should first say that crypto is a very risky and volatile asset class so never put in what you can’t afford to loose.

Regarding when to buy using an investment strategy called dollar cost averaging is generally thought to be a good idea.

The all time high for Cardano was actually somewhere around $1.30 at the height of the market. My personal opinion is there is a lot of potential upside in the long term but I am awful at any type of price predictions. I can say if you believe in cryptocurrency as a growth industry like the internet was in the year 2000 then Cardano is certainly an interesting project. If you have a long term outlook and are not looking for short term gains and have the capital to possibly loose I think it is an interesting investment for sure. From a timing perspective the project is moving at a very fast pace now. Major announcements about progress are coming out quickly and It is my opinion the market may recognize that. However Bitcoin still is the market leader and if it crashes everything goes with it. Also please note that I am very biased towards this project. I have been following it closely since 17 and tracked it’s slow and steady progress through the 2 year long crypto winter and not lost hope.

BTW here is a video from a crypto YouTuber that I think gives good advice:

Good luck in your decision whatever it is!

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If you believe in the work that I0HK and their partners are doing then it is always a good time to invest. Donny’s advice is spot on and its nice to see some objective information on the topic.

The big questions surrounding investment in my view are long and short term goals. Depending on whether you want to invest into ADA long or short term will greatly impact how you should proceed. Also, never invest more than you can afford to loose. There is never a profit guarantee investing regardless of what market.

I was a day trader in the stock market up until February of this year (April 14th I sold my last stock position and went into crypto full time). I often held stocks between 24hrs-2 weeks. I would buy on dips and sell around 3-4% gains. I have since moved out of short term positions and into long term positions. Short term means constant monitoring and analysis due to the volatility in the market. It is high stress but high reward. Crypto is also a 24hr a day trade with no holidays so it is easy to wake up and see major changes in prices while you were sleeping.

Long term crypto is easy. It requires far less worry but it requires more fortitude and resolution to stay in the market during times of loss (all investments have periods of gains and losses).

The last thing I will mention is how indecision has cost me some excellent investments this year and last year. I am a fan of Tesla. I wanted to invest into some long term stocks during the mini stock market crash to 18k earlier this year. Tesla was down to $318 per share. I considered buying but I felt like it was overpriced due to the collapse and covid19 closures so I waited. The following week it was up to $400 and I was disappointed that I did not invest at $318 but I was committed to waiting until it dropped further. The following week it was up to $480 and of course today the stock is between $800-900.

I felt that $318 was too high but in retrospect if I would have purchased then I could have gained a tremendous amount. I had the same opportunity with Amazon at $1,200 and now its $2k and I passed on it (I invested mainly in semiconductor, pharmaceutical and gold mine companies).

I am not saying we will moon or even see anything above $10 but I can tell you that picking up ADA when it was $0.0214 has given me to-date gains higher than ANY investment I had in the stock market or in crypto EVER. When choosing to invest I encourage you to look long term and to focus on the upside. You are entering into the ADAsphere right when it is about to take off. You are not late to the party at all.

Just remember that paying off any debt, credit cards or student loans should be your highest priority in our current economy as debt = slavery to the system. Invest what you can afford to loose and try to remain level headed during times of fluctuation in value.

In my humble opinion, Cardano has the brightest future of all the cryptos and will soon be undeniable in its abilities and market cap. I am personally expecting ADA to value at $0.50-$1 by xmas of 2021 and I am often considered quite conservative in my estimates (hopeium is dangerous and the main reason I left bitcoin, 10k might be the moon no one wants).

Cardano has solid fundamentals, an amazing and intelligent team and one of the greatest potential upsides in crypto history. I haven’t regretted my investment in ADA once and it just keeps getting better and better every week.

Welcome to the forums, this is a place where we can all grow together and we are glad that you have joined us!

-Richard

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Another more recent video (hour ago) from the same YouTuber:

BTW he looks at Ada as a hedge against Ethereum in case Eth has problems transitioning to Proof of Stake. I look at Ada as a superior product that will command a sizable market share no matter what Eth does.

I bought my first ADA when it traded at €0.33. And then the bottom fell out :slight_smile:

I used the crypto winter to bring my averages down, and even at the current prices Cardano alone has put my portfolio in the green (though admittedly because it also takes up a larger percentage of my portfolio than anything really should…).

So, as a long term investment? It’s a project with a lot of potential and solid underpinnings; definitely worth going for IMO.

Personal opinion (and in no way to be taken as professional advice): fill your bags while it’s under €0.1. I very much doubt you’ll regret it. But all the same: never ever risk money you can’t afford to lose.

Don’t obsess too much about the price fluctuations, just set your limits based on what you can afford and what you are looking to get out of it, not where the price may be going. If you want to go chasing the moon, keep a separate bag for that.

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