Cryptocurrency Market February 23, 2022: Bitcoin and Ethereum Correct Gains, Altcoins Also Recover, ADA Surges

Cryptocurrency market February 23, 2022: Bitcoin price starts an upward correction above $37,000. BTC even climbed above $38,300 but failed to gain strength and at 04:14 UTC, BTC snapped gains near $37,900. In both cases, it rose by 3% in one day.

Similarly, most major altcoins face significant hurdles. ETH has rallied above $2,600 but faces hurdles near $2,650. XRP is struggling to clear the $0.72 resistance. ADA is facing a tough task near the $0.90 and $0.92 levels.

Cryptocurrency Market February 23, 2022: Bitcoin Price

After a short-term bullish correction, bitcoin price is near $38,300. BTC failed to extend gains and started falling below $38,000. The price is currently consolidating near the $37,900 level. The next key support is near $36,000, below which the price could start a fresh decline and potentially test $35,000.

On the upside, the price might continue to struggle above the $38,000 level. The next key resistance is near $38,500, above which a rally to $39,500 is possible.

Cryptocurrency market February 23, 2022: Ethereum price

Ethereum price started an upward correction from the $2,500 support area and it is now up 4% in one day. ETH surged above the $2,600 and $2,620 levels. However, it is currently facing resistance near the $2,650 level. Without an upside break, a drop to $2,550 is possible. The next key support is near the $2,500 region.

If there is a break above $2,650, a rally to $2,750 is possible. The next key resistance is near the $2,880 region, above which the price can test $2,950.

Cryptocurrency Market February 23, 2022: Prices of ADA, BNB, SOL, DOGE and XRP

Cardano (ADA) started a strong rise above the $0.85 resistance. It surged almost 9% and even surged above the $0.90 resistance level. The bears are now defending more sides and the price might correct down.

BNB is still bidding well above the $350 mark. It is currently up 5% and trading above the $365 resistance. If the bulls push the price above $375, a move towards $388 is possible.

Solana (SOL) stays above $80. It is recovering losses and trading above $85. The first key resistance is near $88, above which a pullback to the $95 resistance is possible.

DOGE is also recovering losses and trading above $0.130. However, the bears might remain active near the $0.135 resistance level. The main support on the downside stands at $0.122.

XRP price tested the $0.665 support area where the bulls are located. It is now back above $0.70 but faces a major hurdle near $0.72. The next major resistance is near the $0.75 level.

Cryptocurrency Market February 23, 2022: Another altcoin market

Many altcoins are up more than 5%, including LUNA, AVAX, SHIB, TRX, LEO, NEAR, MANA, HBAR, SAND, HNT, AXS, and FLOW. Of these, LUNA is up 14% and surpassed $55, almost recouping its weekly losses. Meanwhile, HBAR is up 15% and it is trading near $0.229. It’s still down 12% in a week.

Overall, bitcoin price is facing a major hurdle above the $38,000 level. If BTC fails to continue higher, it could see a fresh drop to $36,500 or $36,000.

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