Market

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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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.

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