Cryptocurrencies fell early Saturday as investors considered macroeconomic concerns, with Cardano (ADA) dropping as much as 3% to a low of $0.7353 before recovering slightly. According to CoinGlass data, crypto liquidations totaled $298 million in the last 24 hours.
The broader cryptocurrency market remained at $3.28 trillion, reversing earlier gains after briefly reaching the week's high.
At the time of writing, ADA is currently down across various time frames. The cryptocurrency has declined 1.63% in the last 24 hours, trading at $0.767, following three consecutive days of drops since May 13.
Earlier in the week, risk appetite increased, with Cardano reaching highs of $0.8645 on May 12 before dropping as traders sought to lock in profits.
As ADA trades down, Cardano enthusiast Dan Gambardello isn't surprised as he considers the bigger picture. "Tell me if you think I’m surprised by this Cardano pullback," Gambardello remarked on X.
Gambardello, known for his bullish stance on ADA, added that the Cardano bull market will be "especially fun" this cycle, implying that short-term losses might be part of the bigger picture.
If the market rebounds, ADA might seek to reclaim the daily SMA 200 at $0.803 before a move higher to $0.8645. If ADA rises above these levels, it may reach $1 next. On the other hand, if the declines continue, ADA may fall to the 50-day SMA at $0.68 and then to firm support at $0.60.
With fundamentals evolving and whales still accumulating, some in the market, including Gambardello, believe Cardano is simply gearing up before its next leg higher.
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