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- Cardano (ADA) dipped 3% to $0.735 before a slight recovery amid broader crypto market volatility.
- Over $298 million in crypto liquidations occurred in 24 hours, reflecting increased investor caution.
- Technical indicators suggest a potential rebound, with key resistance near $0.803 and support at $0.68.
- Long-term sentiment remains bullish, with whales accumulating and development activity continuing strong.
Cardano (ADA) declined early Saturday, falling up to 3% to a low of $0.7353 before bouncing back slightly, as investors weighed macroeconomic concerns. Crypto liquidations reached $298 million in the past 24 hours, according to CoinGlass data. Meanwhile, the overall cryptocurrency market slipped to $3.28 trillion, retreating from earlier gains after briefly hitting the week’s peak.
Cardano (ADA) experienced climbing to a high of $0.8645 on May 12, driven by increased risk appetite across the broader crypto market. However, as momentum cooled and profit-taking ensued, ADA retraced from its peak, a move that didn’t surprise seasoned market watchers.
At the time of writing, Cardano is trading at $0.758294 with a 24-hour trading volume of $ 1.68B and a market cap of $26.78B. The ADA price decreased -2.38% in the last 24 hours.
Among them is Dan Gambardello, a prominent Cardano advocate, who took to X (formerly Twitter) to share his perspective on the dip. “Tell me if you think I’m surprised by this Cardano pullback,” he remarked, reinforcing his long-standing belief in ADA’s long-term strength. Gambardello has been vocal about the project’s potential, and this cycle, he predicts, will be “especially fun” for Cardano holders.
While ADA is trading lower, technical indicators show a range of possible outcomes. A recovery could see Cardano retest the 200-day Simple Moving Average (SMA) around $0.803, a crucial resistance point. Breaking past that level could pave the way for another challenge of the $0.8645 high. It could also potentially lead to a move toward the $1.00 mark, which would be a significant psychological milestone.
On the flip side, if the downward pressure continues, ADA might test the 50-day SMA near $0.68. Stronger support sits at $0.60, a level that has historically acted as a reliable base for accumulation.
Cardano Correction Could Be the Start of a Bigger Move
Despite the short-term volatility, the underlying fundamentals for Cardano remain intact. On-chain data shows that whale addresses (large holders of ADA) are still accumulating, signaling long-term confidence in the project. Meanwhile, Cardano’s development ecosystem continues to grow, with upgrades and new dApps steadily enhancing network utility.
For traders focused solely on short-term gains, the current pullback may seem like a setback. But for investors like Gambardello, it’s part of the natural rhythm of a larger bull cycle, a temporary pause before the next leg up.
With growing adoption, active development, and a dedicated community, Cardano’s recent correction could be seen less as a reversal and more as a recalibration. If history and sentiment are any guides, ADA may just be gathering strength before making its next major move. Timing the crypto market is tricky, but recognizing the trend often holds the true value for informed decision-making.
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