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Cryptocurrency Market February 22, 2022: Bitcoin and Ethereum Increase Losses, Altcoins Fall

Cryptocurrency Market February 22, 2022: Bitcoin price attempted to rally above $38,000. However, BTC failed to break the $39,500 resistance and at 04:22 UTC BTC was trading near $36,700, down 6% in one day and hitting a three-week low.

Similarly, most major altcoins are gaining bearish momentum. ETH broke below the $2,600 support and is down 7% in one day. XRP is down nearly $0.68, while ADA is down 14% to $0.82.

Cryptocurrency Market February 22, 2022: bitcoin price

After a short term upward correction, bitcoin price is facing sellers near $39,500. BTC failed to extend the bullish momentum and fell below the $37,200 support. On the upside, the $36,500 level is a good support. The next key support is near $36,200, below which a drop to $35,000 is possible.

On the upside, the price might face resistance near $37,800. The next key resistance is near $38,200, above which a rally to $39,500 is possible.

Cryptocurrency Market February 22, 2022: Ethereum price

Ethereum price also followed a similar pattern, falling from $2,750 to near the $2,550 support. The next key support is near the $2,480 and $2,450 levels.

If there is a recovery wave, the price could face hurdles near $2,680. The next key resistance is near the $2,750 zone, above which the price can test $2,880.

Cryptocurrency Market February 22, 2022: Price of ADA, BNB, SOL, DOGE and XRP

Cardano (ADA) gained bearish momentum below the $0.90 support. It even dropped below $0.88 and broke the $0.842 support area. The current price action suggests a larger downside potential towards the $0.820 level.

BNB is down 9% and is trading below $360. The next major support is near the $350 level. Any further downside could set the stage for a move towards the $332 support.

Solana (SOL) failed to break the $95 resistance and started a renewed decline. It is down almost 13% and is trading below $85. If the bears remain active, a test of $75 is possible.

DOGE broke the critical $0.135 support and tested $0.125. If the bears remain active, a test of $0.122 is possible. On the upside, $0.135 can act as resistance.

XRP price is down 14% and it is trading below $0.70. The next major support is near $0.665, where the bulls could take a stand. If there is a recovery, the $0.725 level can act as resistance.

Cryptocurrency Market February 22, 2022: Other altcoin market

Many altcoins are down more than 10%, including SOL, AVAX, SHIB, MATIC, LTC, ATOM, NEAR, UNI, ALGO, MANA, XLM, FTM, and ICP. Of these, MATIC is down 13% and trading below $1.40, bringing its weekly loss down 17%.

Overall, bitcoin price is gaining bearish momentum below the $38,000 support. If BTC slips below $36,000, it could soon test $35,000.

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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.