Bitcoin
Bitcoin (BTC)
$67,389.00 6.5968
Bitcoin price
Ethereum
Ethereum (ETH)
$3,574.37 2.28912
Ethereum price
BNB
BNB (BNB)
$416.57 -0.17316
BNB price
Solana
Solana (SOL)
$129.96 -0.68741
Solana price
XRP
XRP (XRP)
$0.6477490 2.53116
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000341 48.55071
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000071 19.82776
Pepe price
Bonk
Bonk (BONK)
$0.0000388 47.76722
Bonk price
Bitcoin
Bitcoin (BTC)
$67,389.00 6.5968
Bitcoin price
Ethereum
Ethereum (ETH)
$3,574.37 2.28912
Ethereum price
BNB
BNB (BNB)
$416.57 -0.17316
BNB price
Solana
Solana (SOL)
$129.96 -0.68741
Solana price
XRP
XRP (XRP)
$0.6477490 2.53116
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000341 48.55071
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000071 19.82776
Pepe price
Bonk
Bonk (BONK)
$0.0000388 47.76722
Bonk price
Bitcoin
Bitcoin (BTC)
$67,389.00 6.5968
Bitcoin price
Ethereum
Ethereum (ETH)
$3,574.37 2.28912
Ethereum price
BNB
BNB (BNB)
$416.57 -0.17316
BNB price
Solana
Solana (SOL)
$129.96 -0.68741
Solana price
XRP
XRP (XRP)
$0.6477490 2.53116
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000341 48.55071
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000071 19.82776
Pepe price
Bonk
Bonk (BONK)
$0.0000388 47.76722
Bonk price
Bitcoin
Bitcoin (BTC)
$67,389.00 6.5968
Bitcoin price
Ethereum
Ethereum (ETH)
$3,574.37 2.28912
Ethereum price
BNB
BNB (BNB)
$416.57 -0.17316
BNB price
Solana
Solana (SOL)
$129.96 -0.68741
Solana price
XRP
XRP (XRP)
$0.6477490 2.53116
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000341 48.55071
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000071 19.82776
Pepe price
Bonk
Bonk (BONK)
$0.0000388 47.76722
Bonk price

Bitcoin, Ether, Major Altcoins – Weekly Market Update February 21, 2022

Markets
Bitcoin, Ether, Major Altcoins – Weekly Market Update February 21, 2022

The total crypto market cap erased $168 billion from its value for the last seven days and now stands at $1.71 billion. The top 10 coins were all in red for the same time period with Cardano (ADA) and bitcoin (BTC) being the worst performers with 11.3 and 10.7 percent of losses respectively. Bitcoin is currently trading at $37,630 while ether (ETH) is at 2,615.

BTC/USD

Bitcoin closed the trading day on Sunday, February 13 at $42,070. It found support at the 21-day EMA and the short-term horizontal support from back in January 2022 – $42,000. This area was marked by the Volume Profile Indicator (VPVR) as one of the most actively traded where a strong buying/selling interest is usually expected.

We could also notice an inverted Head and Shoulders pattern is formed on the mentioned chart, which suggests a reversal to the upside can be possible.

Bitcoin closed the previous week with a 1 percent loss.

On Monday, buyers stepped in and started building their positions, preparing for an attack of the resistance zone above $45,000. However, the rising inflation and geopolitical turmoil were impacting the price action, so the trading volumes were still low.

The BTC/USDT pair climbed up to $42,550.

The Tuesday session was an even better one for bulls. BTC climbed all the way up to $44,640, adding almost 5 percent to its total valuation.

The mid-week trading on Wednesday was marked by high volatility. The biggest cryptocurrency closed the session with a loss after failing to break above the $44,500 mark.

On Thursday, February 17, sellers started to push hard. BTC broke below the 21-day EMA and once again re-entered the support zone erasing 7.9 percent of its valuation for the period. It was the coin’s worst one-day loss since January 21.

The Friday session was no different and we saw a third consecutive red candle as bitcoin fell further down to $40,000.

The weekend of February 19-20 started with low volatility on Saturday during which neither bulls nor bears were able to take over control. The price remained flat at the daily candle close.

Then on Sunday, it resumed the downtrend with full force losing another 4.4 percent to reach the sub-$39,000 levels.

What we are seeing midday on Monday is a continuation of the downtrend. BTC climbed up to $39,500 in the early hours of trading, but the move has been fully retraced as of the time of writing.

Bitcoin, Ether, Major Altcoins - Weekly Market Update February 21, 2022 - 1

ETH/USD

The Ethereum project token ETH erased 11.2 percent from its price for the period since February 10 when it hit $3,280, but it found support around the September 2021 low right below $2,900.

Unfortunately for bulls, the ether once again moved below the mid-term diagonal downtrend and the 21-day EMA on the daily chart. It closed the week with a 6.3 percent loss.

On Monday, February 14, the ETH/USDT pair started moving in the upward direction. It hit the mentioned exponential average without being able to break above it.

On the second day of the workweek, it formed a solid green candle up to $3,183, which resulted in an 8.5 percent increase for the day as bulls once again found themselves above the diagonal resistance.

On Wednesday, February 16, we saw a volatile session during which the ETH token was moving up and down the $3,053 – $3,190 range before closing the daily candle at $3,118. It stabilized above the September weekly bottom in a preparation for an attack of the $3,200-$3,300 resistance area.

The ETH/USDT pair dropped below $3,000 on Thursday. It lost more than 7 percent during the flash crash and once again lost both the 21-day EMA and its presence above the mid-term diagonal downtrend. Additionally, the coin could not remain above the September weekly bottom near $3,050 which is preventing it from initiating a reversal to the upside.

The last day of the workweek brought more disappointment for bulls as the price of ETH reached $2,776.

The first day of the weekend came with a flat session. The leading altcoin continued to hover around the above-mentioned area, right below the support zone.

Then on Sunday, it hit the lower boundary of the long-term uptrend corridor.

The ether is hovering above the diagonal resistance as of the time of writing.

Bitcoin, Ether, Major Altcoins - Weekly Market Update February 21, 2022 - 2

Leading Majors

  • Avalanche (AVAX)

One of the most popular Ethereum competitors, Avalanche remained relatively stable during the last 2 weeks. It successfully bounced back up from the $65-$70 support zone on the weekly timeframe and is currently trading near the 21-period EMA there.

The coin is 42 percent up since hitting a 3-month low on January 22 as the Avalanche ecosystem is one of the few that registered an increase in the total value locked across its protocols (6.1 percent as of the time of writing) for the last week.

What we can expect from here for the AVAX/USDT pair is to turn the current zone around $80 into short-term support if surpassed successfully, which will help it make another attempt to break above the psychological level of $100. It is worth noting there is strong diagonal resistance on both the daily and weekly charts.

Bitcoin, Ether, Major Altcoins - Weekly Market Update February 21, 2022 - 3

Altcoin of the week

Our Altcoin of the week is Anchor Protocol (ANC). Anchor is the most popular savings protocol on the Terra blockchain. It offers low-volatility yields on Terra stablecoins with total deposits of more than $6.7 billion.

The protocol is extremely popular due to its lucrative yield for UST deposits but has faced criticism over its overall stability due to the raising spread between deposited and borrowed assets.

On February 18, approximately $450 million UST was injected into Anchor’s reserves to stabilize it in the short to mid-term, which resulted in a 13 percent jump on a weekly basis making it a total of 52 percent for the last 14 days.

The ANCUSDT pair hit a 1 month high of $2.78 on February 19 and moved up to #128 on CoinGecko’s Top 100 list with a total market cap of approximately $563 million.

The coin is currently trading at $2.27.

Bitcoin, Ether, Major Altcoins - Weekly Market Update February 21, 2022 - 4
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