• ADA has declined by over 16% in the last 24 hours.
• Rising on-chain activity shows network growth, but cautious sentiment clouds ADA’s recovery.

The cryptocurrency market has witnessed volatility recently, and Cardano [ADA] has not been an exception.

The digital asset slipped below the crucial $1.20 support level, a price point where approximately 93K addresses had previously acquired 2.54 billion ADA.

This development raises questions about its near-term price trajectory and potential support zones.

Cardano’s decline and key support levels

Cardano’s price has been on a downward trend, as seen in the daily chart.

After hitting the $1.20 mark, which acted as a strong support level due to the significant accumulation by holders, ADA has now slipped below this critical threshold.

The next notable demand zone is around the $1 mark, where additional accumulation could provide much-needed stability.

AMBCrypto’s analysis of the price chart revealed a decline in momentum, with ADA trading at approximately $0.97 at the time of writing.

Indicators such as the Relative Strength Index (RSI) pointed to a neutral stance, suggesting a balance between buying and selling pressures.

However, the Choppiness Index indicated that the market could remain choppy in the short term, further complicating ADA’s price recovery.

On-chain insights

The In/Out of the Money Around Price chart provided additional insights into Cardano’s price levels. As per the data, the $1.20 level hosted many holders, making it a crucial area for market stability.

With the breach of this level, the ma

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Author: Adewale Olarinde