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Cryptocurrency Market Feb 16, 2022: Bitcoin in Ethereum Corrects Gains

Cryptocurrency Market February 16, 2022: Bitcoin price scaled above the $44,200 resistance area and even shot up above $44,500 but it failed to move higher. At 04:05 UTC, BTC corrects gains near $44,000 and can be found near $43,500.

Meanwhile, most major altcoins are showing similar signs. ETH was able to extend the upward move above the $3,150 resistance area before correcting lower. XRP briefly surged above the critical $0.850 resistance area. ADA stuck below the $1.12 resistance level.

Cryptocurrency Market February 16, 2022: Bitcoin Price

After surging above $44,000, bitcoin price managed to break $44,500 level. However, BTC struggled to continue recovering to $45,000. It faced sellers and recently corrected lower towards $44,000. On the downside, the immediate support is near the $43,500 level. The next key support is near $43,200, below which a drop to $42,200 is possible.

On the upside, initial resistance is near $44,400. The next resistance is near the $44,500 level, above which the price could test $45,000.

Cryptocurrency market February 16, 2022: Ethereum price

Ethereum price is still climbing above the $3,000 level. ETH broke the $3,150 resistance before correcting again towards $3,140. If it moves back up, the next resistance could be near the $3,200 region.

If there is a downside correction, the price can find support near $3,120. The next major support stands at $3,050, below it could test $3,000.

Cryptocurrency Market February 16, 2022: ADA, BNB, SOL, DOGE and XRP prices

Cardano (ADA) extended gains above the $1.08 resistance area. It even surged above $1.10 but failed to break the $1.12 resistance area. On the upside, the $1.05 level is a good support.

BNB climbed above the $425 and $432 resistance levels. It even surged above the $440 level but there was no test of the $445 resistance and the price moved back towards $430. The next major resistance is at $450.

Solana (SOL) consolidates gains above $100. Immediate resistance is near $105. The next key resistance is $112, above which the bulls can target $120.

Dogecoin (DOGE) is still struggling below the $0.155 resistance. If there is a downside correction, the price can test the $0.142 level. Conversely, it can rally to the $0.165 level.

XRP price attempted a surge above the $0.850 resistance but there was no bullish continuation. A close above $0.850 is a must for more profits. Otherwise, the price may fall to $0.800.

Cryptocurrency Market February 16, 2022: Another altcoin market

Many altcoins are up more than 5%, including AVAX, MATIC, LINK, NEAR, ALGO, MANA, SAND, AXS, FLOW, GALA, GRT, and NEO. Of these, AVAX is up almost 12% and is trading above $93, bringing its weekly gain up 9%. MANA is up 11% in one day, cutting its weekly loss to 5% and trading near $3.30.

Overall, bitcoin price is struggling to settle above $44,500. If BTC corrects lower, it may find short-term support near the $43,500 and $43,200 levels. Conversely, it can go up to $45,000.

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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.

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