Dogecoin, Shiba Inu, & Solana Daily Price Analysis – February 2, 2022

Bears taking over after bulls lose momentum at critical resistance levels.

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Last Updated February 2nd 2022
4 Min Read
  • Dogecoin bulls losing momentum at key support level.
  • Shiba Inu turning bearish after bulls fail at $0.00002167 on the 38.2% Fibonacci resistance.
  • Solana trending towards $108.07 intra-day support as bullish momentum weakens.

Dogecoin

Dogecoin was range-bound for the better part of Tuesday. By the end of the day, it was up by less than a percentage.

Dogecoin started Tuesday trading directionless, a continuation of the low volume trading that had started in late Monday trading.

However, just two hours into the day, bulls took control and pushed Dogecoin to the 38.2% Fibonacci resistance at $0.1430.

Bulls didn’t have the momentum to push Dogecoin through the 38.2% Fibonacci resistance though. What followed was range-bound trading at this support level for the rest of the day.

Dogecoin started Wednesday trading range-bound, a continuation of the price action from Thursday.

When going to press, Dogecoin bulls were still putting pressure on the 38.2% Fibonacci resistance at $0.1430, but were yet to break through it.

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 $0.1398.

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 $0.1470. If the 23.6% Fib resistance is broken, prices above $0.151 could be seen within the day. 

However, if bears take control and push Dogecoin through the 50.0% Fibonacci support at $0.1398, prices below $0.1378 could be seen 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 $0.1398.

A glance at the technicals

Key resistance: 38.2% Fibonacci at $0.1430.

Key support: 50.0% Fibonacci at $0.1398.

Shiba Inu

Shiba Inu was range-bound for most of Tuesday, and closed the day higher by a little over 1%.

Shiba Inu started Tuesday trading bullish, after trading sideways for most of late Monday trading.

However, just before daybreak, SHIB hit strong resistance at $0.00002167 on the 38.2% Fibonacci.

Bulls attempted to push Shiba Inu through the 38.2 Fibonacci resistance but failed. However, bears were not that strong either.

What followed was range-bound trading around the 38.2% Fibonacci until the end of the day. Volumes were pretty low too towards the end of the day.

Shiba Inu started Wednesday trading range-bound around the 38.2% Fibonacci resistance. However, just before daybreak, bulls started losing control.

When going to press, bulls had lost control and selling volumes were on the rise.

SHIB/USD chart 020222

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 $0.00002109.

If bulls take control and push Shiba Inu through the 38.2% Fibonacci resistance at $0.00002167, the 23.6% Fibonacci resistance at $0.00002238 would come into play. If it’s broken, prices above $0.00002301 could be hit in the day.  

However, if the 50.0% support at $0.00002109 is broken, prices below $0.00002082 could be tested in the day. 

If volumes drop, Shiba Inu could trade between the 38.2% Fibonacci resistance at $0.00002167 and the 50.0% support at $0.00002109. 

A glance at the technicals

Key resistance: 38.2% Fibonacci at $0.00002167

Key support: 50.0% Fibonacci at $0.00002109

Solana

Solana was bullish for the better part of Tuesday. By the end of the day, it was up by 7%.

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

Within the first hour of the day, Solana had pushed through the 38.2% Fibonacci resistance at $100.92.

Upside momentum was quite strong, and just before daybreak, Solana had pushed through the 23.6% Fibonacci resistance at $105.82.

Bulls remained in control until late afternoon when Solana hit strong multi-week resistance at $113.63. Bulls didn’t have the momentum to push through the multi-week resistance.

What followed was a correction that lasted until early evening. It is at this point that bulls regained control of the market, albeit with low volumes.

Solana started Wednesday with the same directionless trading that had started in late Tuesday trading.

When going to press, bears were taking control, but were yet to push Solana through the $108.07 intra-day support.

SOL/USD chart 020222

Source: TradingView

A glance at the day ahead

The major levels to watch today are the multi-week resistance at $113.63 and the intra-day support at $108.07.

If bulls take control and push Solana through the multi-week resistance at $113.63, prices above $116.01 could easily be tested in the day.

However, if bears push Solana through the intra-day support at $108.07, the 23.6% Fibonacci support at $105.82 would come into play. If it is broken, weekly support at $88.47, prices below $103.04 could easily be hit within the day. 

On the other hand, if it turns out to be a low volumes day, Solana could trade between the multi-week resistance at $113.63 and the intra-day support at $108.07.

A glance at the technicals

Key resistance: Multi-week resistance at $113.63

Key support: Intra-day support at $108.07