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Cryptocurrencies Trim Weekend Gains, Ethereum (ETH) Outperformance Continues

August 2, 2021

Via: DailyFX

The cryptocurrency market is giving back some of this weekend’s gains with market leader Bitcoin continuing to battle a zone of resistance between $42k and $43.5k. Cardano (ADA) jumped by nearly 50% over the weekend, before paring its gains, while a host of other alt-coins recorded double-digit jumps.

The daily BTC chart has been flashing an extremely overbought signal for a few days, so a pullback from its recent multi-week high is not unexpected. Support around $36,750, prior range resistance, should hold and allow BTC to retest overhead resistance once the latest consolidation phase is over.

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