Monday, February 21, 2022, saw the financial markets open on a bearish note. A rally in the crypto market happened in the afternoon. As usual, the big two BTC and ETH lost ground and saw some losses reduced. Of the winners in crypto, Terra (LUNA) and Quant (QNT) led the charge with good gains.
The gain numbers are as follows – LUNA was up 7% and its price was %53.61. Quant did even better and gained 13% for the day. Quant prices for the day touched $128.98 which was a phenomenal rise over the previous day’s closing of $105.45. Monday’s gains for QNT mean that the bears didn’t succeed well at keeping prices down. Resistance levels were being tested. Even as QNT/USD moved higher and was testing the $138.30 resistance level, some investors sold off their holdings. Those who plan to hold on will benefit from a breach of the price ceiling.
In spite of the consolidation in selling, a red wave is ever present for the top 100 cryptos. Most of the items were in the red zone but the losses weren’t as acute. The biggest drop was experienced by Avalanche. The AVAX/USD price was at an intraday $75 low and closed down 4% – the lowest level ever in 3 weeks. This price drop occurred after the $79 price barrier was broken and eventually dropped. It remains to be seen what the following days will bring to the market, considering inflation, an interest hike announcement by the feds and other simmering issues in Europe.