Cardano (ADA) is in a tight corner after dropping below the psychological price of $0.75, as lower highs and lower lows increase bearish pressure.
In technical analysis, lower highs and lower lows depict a downtrend since buyers are not strong enough to push the price as high as before.
Therefore, sellers are usually in control in such a situation because they keep pushing the price down further.
This explains why, according to CoinGecko data, Cardano has lost 7.1% of its value in the past week and is currently trading at $0.735.Â
Despite this drop, whales are not relenting in their quest to accumulate more Cardano. They recently purchased more than 80 million ADA, worth a whopping $57 million.
Thanks to this development, all hope is not lost for Cardano because whales expect a price increase in the near future.
Market analyst Jimmy X recently opined that Cardano was eyeing a bullish reversal that could see the ninth-largest cryptocurrency surge to the $1 price zone based on market capitalization.
Crypto analyst Arab Crypta recently shared similar sentiments, stating that ADA had set its eyes on the psychological price of $3 since buyers were continuously defending the neckline.
Famed for its peer-reviewed and scientific approach, Cardano is a third-generation blockchain that intends to solve sustainability, interoperability, and scalability issues in earlier networks, such as Ethereum (ETH) and Bitcoin (BTC).
