Crypto Market February 28, 2022: Bitcoin and Ethereum and Altcoins correct lower ahead of Russia’s nuclear rally
Cryptocurrency market February 28, 2022: Bitcoin price accelerated when it broke the 38,500 resistance area. BTC attempted a breakout above $39,500 and $40,000 but corrected lower as Russian President Vladimir Putin on Sunday put Russia’s nuclear deterrent order on high alert amid Western retaliation for its war in Ukraine.
BTC is down 2% as of 04:30 UTC and is trading near $37,900 and it could stay high priced above the $37,200 support area.
Similarly, most major altcoins correct losses. ETH surged above $2,700 and is currently consolidating near $2,600, down almost 4% in one day. XRP is stabilizing above $0.70 and facing resistance near $0.75. ADA shows positive signs above $0.865.
Cryptocurrency Market February 28, 2022: Bitcoin Price
After a strong rally, bitcoin price faced sellers near the $39,500 and $40,000 levels. It started a downside correction and traded below $38,500. It is currently holding gains above the $37,500 support area. The next key support is near $37,200, below which a drop to $36,500 is possible.
On the upside, the price is facing resistance near $38,500. The key weekly resistance is near the $40,000 level, above which the price might gain momentum.
Cryptocurrency market February 28, 2022: Ethereum price
Ethereum price also accelerated when it broke the $2,750 resistance level. ETH surged above $2,800 but no move towards $3,000. The price is currently consolidating near the $2,600 level. The next key support is near the $2,550 zone, below which the price can test $2,420.
On the upside, the price is facing resistance near $2,650. The next key resistance is near the $2,750 zone, above which the price can test $2,880.
Cryptocurrency Market February 28, 2022: Prices of ADA, BNB, SOL, DOGE and XRP
Cardano (ADA) surged above the $0.90 resistance level. However, it failed to continue higher above $0.92. It is currently consolidating gains and it might make another attempt to clear the $0.92 resistance area.
BNB is facing a strong resistance near the $380 level. It is currently stuck near the $360 mark. The key breakout support is near the $350 level, where the bulls can continue to hold.
Solana (SOL) is consolidating near the $85 support. If there is a fresh drop, the price could test $78 or even $75. On the upside, $92 is a major hurdle above which the bulls can aim a move above $100.
DOGE is stuck below the $0.132 and $0.135 resistance levels. A clear move above $0.135 could start a stronger upward move in the coming sessions.
XRP price was struggling to break the $0.75 resistance area. It is currently consolidating near $0.72. Key support stands at $0.70, below which $0.668 can be tested.
Cryptocurrency Market February 28, 2022: Another altcoin market
Several altcoins are up more than 5%, including UNI, FIL, FLOW, AR, CELO, and RVN. Of these, UNI is up 10% and is trading above $9.70, while FIL clears $20 and AR approaches $30.
Overall, bitcoin price is consolidating below the $38,500 and $38,800 resistance levels. If BTC breaks $38,800, it can surge to $40,000
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