Dogecoin, Shiba Inu, and Solana Technical Analysis – January 12, 2022

Crypto majors in a minor correction after a largely bullish day, Tuesday

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Last Updated January 12th 2022
6 Min Read
  • Dogecoin bulls are in control, but the 50.0% Fibonacci resistance at $0.1547 needs to be broken for an uptrend to be confirmed.
  • Shiba Inu bulls are in control but need to break the 38.2% Fibonacci resistance at $0.00002913 for an uptrend to be confirmed.
  • Solana bears are taking control, but they need to break intra-day support at $137.34 for a short-term bear trend to be confirmed.

Dogecoin

Dogecoin was bullish for the better part of Tuesday. By the end of the day, it was up by 5%.

Dogecoin started Tuesday, trading range-bound, continuing the range-bound trading that started late Monday trading.

However, by the third hour of the day, bulls took control. Upside momentum was short-lived, though, and just before daybreak, Dogecoin hit strong resistance at $0.145 on the 23.6% Fibonacci.

With the 23.6% Fibonacci resistance holding strong, bears took control. Bears were in control until mid-morning, but selling volumes were low all through.

Just before mid-day, a sudden surge in buying volumes in the broader market saw Dogecoin bulls take control and with high volumes.

Buying volumes were so high that within an hour, Dogecoin had pushed through four resistance levels, and briefly pushed through a 5th one at $0.165 on the 78.6% Fibonacci resistance.

However, after such a huge rally in just an hour, profit-taking saw the price of Dogecoin drop a little.

Dogecoin was in the red for three hours until early afternoon when it found support at $0.1504 on the 38.2% Fibonacci.

The 38.2% Fibonacci support proved to be too strong for bears, and Dogecoin bulls took charge for the rest of the day.

Volumes were low, though, and by the end of the day, Dogecoin was trading slightly below the 50.0% Fibonacci resistance at $0.1547.

Dogecoin started Wednesday trading range-bound, just below the 50.0% Fibonacci resistance.

Bulls were in control when going to press but were yet to push Dogecoin through the 50.0% Fibonacci resistance at $0.1547.

DOGE/USD daily chart 011222

Source: TradingView

A glance at the day ahead

The key levels to watch are the 50.0% Fibonacci resistance at $0.1547 and the 38.2% Fibonacci support at $0.1504.

If bulls take control and push Dogecoin through the 50.0% Fibonacci resistance at $0.1547, the 61.8% Fibonacci resistance at $0.1589 would come into play. If it’s broken, prices above $0.61 could be tested in the day.

However, if bears take control, and push Dogecoin through the 38.2% Fibonacci support at $0.1504, prices below $0.145 could be hit in the day. 

On the other hand, if volumes drop, Dogecoin could trade between the 50.0% Fibonacci resistance at $0.1547, and the 38.2% Fibonacci support at $0.1504.

A glance at the technicals

Key resistance: 50.0% Fibonacci at $0.1547

Key support: 38.2% Fibonacci at $0.1504

Shiba Inu

Shiba Inu was bullish for the better part of Tuesday. By the end of the day, it was up by 6.2%.

Shiba Inu started Tuesday trading bullish after bears lost momentum in late Monday trading.

Bulls were in control until an hour before daybreak when they lost momentum. However, bears did not have much momentum either. What followed was range-bound trading that lasted until mid-morning, when bears attempted to take control but failed.

This energized bulls, and in one long bullish candle, Shiba Inu bulls pushed SHIB to the 23.6% Fibonacci resistance at $0.00002796.

The 23.6% Fibonacci resistance proved to be quite strong, though, and upside momentum was rejected at this level.

Nonetheless, bulls remained in control for the rest of the day, albeit with low volumes. Buying volumes increased briefly in the early evening, and Shiba Inu pushed through the 23.6% Fibonacci resistance for a few minutes.

This move was rejected, and SHIB traded range-bound just below the 23.6% Fibonacci resistance for the rest of the evening.

Shiba Inu started trading range-bound Wednesday, continuing the price action from late Tuesday trading.

However, before daybreak, Shiba Inu bulls took control and pushed SHIB through the 23.6% Fibonacci resistance.

Upside momentum increased from that point, and by mid-morning, SHIB was close to testing the 38.2% Fibonacci resistance at $0.00002913.

SHIB/USD daily chart 011222

Source: TradingView

A glance at the day ahead

The key levels to watch today are the 38.2% Fibonacci resistance at $0.00002913 and the 23.6% Fibonacci support at $0.00002796.

If bulls take control and push Shiba Inu through the 38.2% Fibonacci resistance at $0.00002913, the 50.0% Fibonacci resistance at $0.00003009 would come into play. If the 50.0% Fibonacci resistance is broken, prices above $0.00003100 could be tested within the day. 

However, if the 23.6% Fibonacci support at $0.00002796 is broken; prices below $0.00002699 could be hit within the day.

On the other hand, if volumes drop, Shiba Inu could trade between the 38.2% Fibonacci resistance at $0.00002913 and the 23.6% Fibonacci support at $0.00002796.

A glance at the technicals

Key resistance: 38.2% Fibonacci at $0.00002913

Key support: 23.6% Fibonacci at $0.00002796

Solana

Solana was range-bound for the better part of Tuesday but gained upside momentum towards the end of the day. By the end of the day, SOL was up by 2.90%.

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

However, just two hours into the day, buying volumes dropped, and Solana started trading in a range just below weekly resistance at $137.34.

This range-bound trading continued until the afternoon when buying volumes increased. A rally followed, which saw Solana break both the weekly resistance at $137.34 and the 23.6% Fibonacci resistance at $140.35.

After this spike in Solana’s price, profit-taking towards the end of the day led to a slight correction in the price. Solana had retraced back through the 23.6% Fibonacci resistance by the last hour of the day.

Solana started Wednesday trading range-bound slightly below the 23.6% Fibonacci resistance at $140.35.

When going to press, bears were taking control but were yet to push Solana through $137.34, now intra-day support.

SOL/USD daily chart 011222

Source: TradingView

A glance at the day ahead

The key levels to watch are the 23.6% Fibonacci resistance at $140.35 and the intra-day support at $137.34.

If bulls take control and push Solana through the 23.6% Fibonacci resistance at $140.35, the 38.2% Fibonacci resistance at $146.88 would come into focus. If it’s broken, prices above $147.5 could be tested in the day.

However, if the intraday support at $137.34 is broken, prices below $136.2 could be tested in the day.

On the other hand, if volumes are low, Solana could trade between the 23.6% Fibonacci resistance at $140.35, and the intra-day support at $137.34.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $140.35

Key support:  Intra-day support at $137.34