Market

Cryptocurrency Market February 21, 2022: Bitcoin and Ethereum Try to Recover But Are On the Way Back

Cryptocurrency market February 21, 2022: Bitcoin price remains in negative territory and falls below $40,000. BTC even traded below $38,800 and tested $38,000. As of 04:21 UTC, BTC is correcting losses above $39,000, but the bears could remain active near $40,000.

Similarly, most of the major altcoins are facing setbacks. ETH fell below the $2,650 support before recovering. XRP is still trading below $0.80. ADA tested $0.92 before correcting higher.

Cryptocurrency Market February 21, 2022: Bitcoin Price

After falling below $41,200, bitcoin price extended its losses. BTC broke the critical support at $40,000 and even fell below $38,800. It tested $38,000 and surged above $3,9000 today. BTC is currently facing resistance near $39,200. The main weekly resistance is near $40,000, above which a rally to $41,200 is possible.

On the upside, the $38,200 level is the short-term support. The next key support is near $37,500, below which a drop to $36,500 is possible.

Cryptocurrency market February 21, 2022: Ethereum price

Ethereum price accelerated below the $2,800 support area and quickly climbed below $2,600. It is currently correcting higher and trading above $2,700. Immediate resistance is near $2,750. The next key resistance is near the $2,880 region, above which the price could test $3,000.

If there is a renewed decline, the price can test $2,650. The next key support is near the $2,600 and $2,550 levels.

Cryptocurrency Market February 21, 2022: ADA, BNB, SOL, DOGE and XRP prices

Cardano (ADA) gained bearish momentum below the $0.95 support. It even dropped below $0.925 and tested the $0.92 support area. The price is currently recovering, but the bears can work near $1.00.

BNB fell below the $385 support area and tested $375. It is currently correcting losses, with immediate resistance at 392. Key weekly resistance currently stands at $400.

Solana (SOL) is up nearly 7% and has a sharp move above $92 that erased all weekly losses. The main breakout zone is near the $100 level, above which the bulls can test $112.

DOGE broke the critical $0.140 support and tested $0.135. If there is a recovery wave, the price might face resistance near $0.145. On the upside, the $0.135 level is a strong support.

XRP price fell below the $0.80 support. It even tested the $0.765 support and is currently correcting higher. However, a clear move above $0.80 is a must for steady gains.

Cryptocurrency Market February 21, 2022: Another altcoin market

Several altcoins are in the green, including LUNA, SHIB, ATOM, LEO, MANA, AXS, ZEC, and QNT. Of these, QNT rallied more than 10% and broke $115, cutting its weekly loss to 2%.

Overall, bitcoin price is showing signs of falling below the $40,000 support. BTC could extend losses if bulls fail to push the price above $40,000.

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.