Dogecoin, Shiba Inu, and Solana Technical Analysis – February 2, 2022

Bulls need to decisively break key resistance level if uptrend is to continue

By
Last Updated February 1st 2022
5 Min Read
  • Dogecoin bulls gaining momentum, and are putting pressure on a critical resistance level.
  • Shiba Inu bulls in control but need to break the 38.2% Fibonacci resistance at $0.00002167 for uptrend to be confirmed.
  • Solana bulls strong but need to break multi-week resistance at $107.99 for uptrend to continue.

Dogecoin

Dogecoin was bullish for the better part of Monday, albeit with low volumes. By the end of the day, it was up by 4%.

Dogecoin started Monday trading bearish, a continuation of the selloff that had started on Sunday.

However, at daybreak, Dogecoin hit strong support at $0.1364 on the 61.8% Fibonacci. Bulls took control from that point on, and by early afternoon, Dogecoin had pushed through the 50.0% Fibonacci resistance at $0.1397.

Dogecoin bulls remained in control in the early evening when Dogecoin came close to testing the 38.2% Fibonacci resistance at $0.1430.

Momentum dropped at that point though and Dogecoin traded in a range just below the 38.2% Fibonacci resistance for the rest of the evening.

Dogecoin started Tuesday trading range-bound, a continuation of the price action from late Monday trading.

This range-bound trading continued for three hours into the day when bulls took control in the broader market.

Dogecoin bulls regained control, and when going to press, Dogecoin was testing the 38.2% Fib resistance, with buying volumes on the rise.

DOGE/USD chart 020122

Source: TradingView

A glance at the day ahead

The key levels to watch are the 38.2% resistance at $0.1430 and the 50.0% Fibonacci support at $0.1397.

If bulls take control and push Dogecoin through the 38.2% Fibonacci resistance at $0.1430; the next key level to watch would be the 23.6% Fibonacci resistance at $0.1469. If the 23.6% Fib resistance is broken, prices above $0.153 could be seen in the day. 

However, if bears take control and push Dogecoin through the 50.0% Fibonacci support at $0.1397, prices below $0.133 could be hit in the day.  

On the other hand, if volumes drop, Dogecoin could trade between the 38.2% Fibonacci resistance at $0.1430 and the 50.0% Fibonacci support at $0.1397.

A glance at the technicals

Key resistance: 38.2% Fibonacci at $0.1430

Key support: 50.0% Fibonacci at $0.1397

Shiba Inu

Shiba Inu was bullish for the better part of Monday. By the end of the day, it was up by 5%.

Shiba Inu started Monday trading bullish after bears hit strong support at $0.00002053, on the 61.8% Fibonacci in late Sunday trading.

Within the first two hours of the day, bears attempted to push SHIB through the 61.8% Fibonacci, but the move was sharply rejected.

What followed was a rally that saw Shiba Inu ease through the 50.0% Fibonacci resistance at $0.00002110 by early afternoon.

Bulls remained in control until late afternoon when they lost momentum just below the 38.2% Fibonacci resistance at $0.00002167.

Volumes dropped and Shiba Inu traded in a range just below the 38.2% Fibonacci resistance for the rest of the day.

Shiba Inu started Tuesday trading with the same range-bound trading from Monday. However, just three hours into the day, bullish momentum returned. When going to press, Shiba Inu was testing the 38.2% Fibonacci resistance.

SHIB/USD chart 020122

Source: TradingView

A glance at the day ahead

The key levels to watch today are the 38.2% Fibonacci resistance at $0.00002167 and the 50.0% Fibonacci support at $0.00002110.

If bulls take control and push Shiba Inu through the 38.2% Fibonacci resistance at $0.00002267, the 23.6% Fibonacci resistance at $0.00002238 would come into focus. If it’s broken, prices above $0.00002283 could be tested in the day.  

However, if the 50.0% support at $0.00002110 is broken, prices below $0.00002082 could be seen in the day. 

If volumes drop, Shiba Inu could trade between the 38.2% Fibonacci resistance at $0.00002167 and the 50.0% Fibonacci support at $0.00002110. 

A glance at the technicals

Key resistance: 38.2% Fibonacci at $0.00002167

Key support: 50.0% Fibonacci at $0.00002110

Solana

Solana was strongly bullish all through Monday. By the end of the day, it was up by 14%.

Solana started Monday trading bearish, a continuation of the selloff from a day earlier. However, within the first hour of the day, Solana hit strong support at $90.98 on the 61.8% Fibonacci.

Bears briefly attempted to push SOL through this support, but selling volumes were low.  This bearish weakness saw Solana bulls took control in the early afternoon.

What followed was a rally that saw Solana rally through multiple resistance levels all through the day. By the end of the day, Solana was trading just below the 23.6% Fibonacci resistance at $101.48.

Solana started Tuesday trading bullish, a continuation of the momentum it had built up in late Tuesday trading.

Within the first two hours of the day, bulls pushed Solana through the 23.6% Fibonacci resistance, with ease.

By daybreak, Solana had tested the multi-week resistance at $107.99 but was yet to push through it. While there was a slight correction after hitting the multi-week resistance, bulls were regaining control when going to press.

SOL/USD chart 020122

Source: TradingView

A glance at the day ahead

The key levels to watch today are the multi-week resistance at $107.99 and the 23.6% Fibonacci support at $101.48.

If bulls take control and push Solana through the multi-week resistance at $107.99, prices above $111.1 could be seen in the day. 

However, if bears push Solana through the 23.6% Fibonacci support at $101.48, prices below $98.95 could be tested in the day. 

If volumes drop, Solana could trade between the multi-week resistance at $107.99 and the 23.6% Fibonacci support at $101.48.

A glance at the technicals

Key resistance: Multi-week resistance at $107.99

Key support: 23.6% Fibonacci at $101.48