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The RSI line was sloped negatively towards oversold territory and was looking to cross bearishly below the RSI SMA line.
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The rise on Monday above the initial cap at the mid-May high of 27675 has reduced the downward pressure somewhat. However, unless BTC/USD clears the 30000 mark, the path of least resistance is sideways to slightly down.
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BTC/USD has managed to hold above quite strong converged support around 25300-26000
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He also drew parallels between the current consolidation period and the previous Bitcoin halving cycles.
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Towards the end of the video, Gambardello briefly discussed potential scenarios for ADA’s price action, noting the possibility of both a bullish breakout and a consolidation phase.
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He also stated that Cardano was finally proving its potential and entering a new phase, the DeFi phase, where all coins launching on the platform could experience rapid growth.
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