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.
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.
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.
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.
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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