The first month of 2024 is about to end and the crypto community has already witnessed increasing volatility in the crypto market. Major crypto tokes showed mixed sentiment, highlighting a bear/bullpower in the market. Unfortunately for ADA, it is showing a loss of momentum after dipping to over 4% within the past day, resulting in a price breakdown.

Cardano’s ADA price traded between $0.58 and $0.62 for some time but lost its momentum resulting in a price dip. As a result, ADA coin will be expecting a loss of 26.5% in valuation within the next few days.

After testing its low of $0.46, the bulls recovered and the price experienced a jump of 18% after which it declined to $0.54. Following this, the price constantly traded under a bearish influence for a short period and retested its crucial support level of $0.46. At this time of writing, Cardano (ADA) is down by 4.96% in the last 24 hours priced at $0.5029. 

Meanwhile, Cardano’s price is facing a formidable barrier as it attempts a recovery rally. In this case, large holders may have something to do with the ADA move north with on-chain metrics to show for it. 

Based on the report, 639 million additional addresses holding between 100,000 and 100 million ADA tokens have been resurfaced over the last eight months. With these wallets coming back to life, Cardano’s (ADA) price could extend north to shatter the resistance due to the descending trendline at $0.5410. This could bring ADA into contact with the 50-day SMA at $0.5597.

In addition, the Cardano price could also extend the gains to $0.64 blockade or higher making a massive recovery from its current price. However, if the market fails to hold the price above the support level of $0.5001, it will lose momentum again and fall to its lower support level of $0.4610.