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BTC, ETH and XRP Price Analysis for February 22

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Tue, 22/02/2022 - 15:30
BTC, ETH and XRP Price Analysis for February 22
Cover image via www.tradingview.com

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Bulls are trying to restore some positions; however, most of the coins keep falling. LUNA is the exception to the rule, rising by 6% since yesterday.

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Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Yesterday, in the first half of the day, the price of Bitcoin (BTC) stopped growing around the mark of $39,400. Buyers failed to form further bullish momentum, and the pair began to decline.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

In the evening, sellers tested the $37,150 level. An attempt by buyers to reverse the pair from this support level was unsuccessful, and the BTC price broke through the support overnight, continuing to decline to the February low zone.

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Let's remember that at the beginning of February, the monthly minimum was marked around the level of $36,270. In the near future, one can expect an update of the February low in the area of the ​​support at $36,000.

Bitcoin is trading at $37,466 at press time.

ETH/USD

Yesterday morning, buyers restored the pair to the average price area, but despite the efforts of the bulls, the price of Ethereum (ETH) failed to test the two-hour EMA55.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

In the afternoon, the advantage of the bears was overwhelming, and the price of Ethereum broke through the support of $2,600. This morning, the local low was set at $2,500.

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If the selling pressure intensifies today, bears might be able to renew the monthly low around $2,450.

Ethereum is trading at $2,584 at press time.

XRP/USD

Yesterday morning, the price of XRP continued unsuccessful attempts to break through the resistance of $0.80. During the day, sellers repelled the attacks of the bulls, rolling the pair back below the support of $0.77.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

In the evening, the pressure of the bears intensified, and tonight the price of XRP dipped below the level of $0.70, and the minimum is marked at $0.669. On the daily timeframe, the Stoch RSI indicator lines have reached the oversold zone, but a decline is still possible. One believes that the pair may sink to the area of the Point of Control line ($0.60). Then the dynamic decline can stop.

XRP is trading at $0.70 at press time.

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