Wall Street experts at Benchmark’s company think the recent drop in DeFi Technologies stock is a great chance to buy. They say this in a new report, arguing that the big price drop might be a golden opportunity for people who want to invest.
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- Benchmark sees DeFi Technologies’ recent stock drop as a good buying opportunity.
- The stock’s fall is tied to a dip in altcoin values and a critical piece in a crypto newsletter, but Benchmark still recommends buying the stock.
- DeFi Technologies calls the negative CoinSnacks article a “misleading report.”
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DeFi Technologies Stock Dip: An Appealing Investment Prospect, Says Benchmark
DeFi Technologies is a company that makes products that can be traded based on digital money called cryptocurrencies. Recently, this company saw a big drop in its stock price. This was because of a decrease in the value of some types of digital money and a mean article in a newsletter about digital money.
Mark Palmer, who works at Benchmark, says the stock has increased more than 330% since May. However, it lost almost half its value in just two days. He also noticed that the stock recovered much of this loss later.
Most of DeFi Technologies’ products are based on digital money called altcoins. This week, the decrease in these coins’ value caused the company’s stock price to drop. Palmer thinks that while some people might have sold their stocks to make a profit after the price went up, the overall sell-off seems too much. He thinks this is a big price change, creating a good buying chance.
Even with the price drop, Palmer still thinks people should buy the stock. He aims for a price of C$3. According to data from TradingView, after the price dropped 17% to C$1.93 early on Thursday, it came back up to around C$2.
Palmer says that anyone who knows a little about the digital money market should expect prices to change. So, it’s understandable if DeFi’s stock price went down because of the sell-off of these coins.
In response to CoinSnacks’s mean article, DeFi Technologies said it was a “misleading” report.
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