Market

Cryptocurrency Market February 9, 2022: Bitcoin and Ethereum Start Correcting Down

Crypto Markets February 9, 2022: Bitcoin price surged above the $45,000 resistance area before the bears emerged. BTC reached almost $45,300 and started a downside correction. As of 04:23 UTC, BTC is trading near $43,500 and it could test $42,750 support.

Similarly, most major altcoins are also falling. ETH surged above $3,200 before falling below $3,100. XRP is currently consolidating gains near the $0.85 level. ADA is down 6% and is trading near $1.15.

Cryptocurrency Market February 9, 2022: Bitcoin Price

After encountering resistance near $45,500, bitcoin price started a downside correction and moved below $43,000 before recovering to the upside. On the upside, immediate support is near $43,000. The next key support is $42,750, below that a drop to $42,000 is possible.

On the upside, initial resistance is near $43,850. The next major resistance is near the $44,000 level, above which the bulls may retest the $45,000 level.

Cryptocurrency market February 9, 2022: Ethereum price

Ethereum price also tried to break the $3,200 resistance but failed. As a result, ETH started a downside correction below $3,100 and it was able to test the $3,040 support. The next major support is near the $3,000 level, below which there is a risk of a sharp decline.

If there is another rally, the price might face resistance near $3,150. The next key resistance remains at $3,200.

Cryptocurrency market February 9, 2022: ADA, BNB, SOL, DOGE and XRP prices

Cardano (ADA) is down 6% and trading below $1.20. It is approaching the $1.15 support level. If there is downward movement, the price can drop to $1.12. The next major support is near the $1.08 level.

Binance Coin (BNB) is also down nearly 6% and is trading below $420. It may soon test the $400 support area. If the bulls fail to defend $400, a drop to $385 support is possible.

Solana (SOL) falls to the USD 110 level. The next key support is at $105. A clear move below $105 can push the price below the $100 support.

DOGE surged to $0.175 before starting a downside correction. The price is moving towards USD 0.150. If there are more losses, DOGE can test the $0.142 support in the coming sessions.

XRP price is trading near $0.85. Immediate support is near the $0.82 level, below which it could test $0.80. Otherwise, it may return to the $0.90 resistance area.

Cryptocurrency Market February 9, 2022: Another altcoin market

Many altcoins are down more than 5%, including LUNA, DOT, SHIB, MATIC, ATOM, LINK, NEAR, UNI, ALGO, BCH, FMT, and XLM. In contrast, LEO is still up almost 56% and trading near $7.50 after hitting a new all-time high of $8.14 (per Coingecko) according to news from Bitfinex.

Overall, bitcoin price corrects gains above $45,000. If BTC stays above $42,750, there could be a fresh surge in the coming sessions.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Important NOTE: All content on the website is for informational purposes only and in no way constitutes investment advice. Your money, the choice is yours.

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.