ADA prints a bullish reversal candlestick pattern despite SEC FUD.
Nonetheless, ADA looks ready to undergo a sharp recovery in the coming months, based on technical analysis.On June 12, ADA price rose 2.25% to $0.28, up around 27% from the six-month low of $0.22 seen last week. The rise appeared alongside gains elsewhere in the crypto market, hinting at investors buying the dip.The reasons behind Cardano's bad week include the U.S. Securities and Exchange Commission On June 9, U.S.
Cardano's technicals, however, hint at a possible rebound ahead. For instance, the ongoing token recovery comes a day after its daily relative strength dropped to 20, the most oversold since March 2020.Oversold RSI readings typically precede a consolidating or recovering price action. Therefore, an oversold rebound, if it comes, could be weaker than what the market witnessed after March 2020.
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