Dogecoin, Shiba Inu & Solana Daily Price Predictions – February 21, 2022

Crypto majors bounce off key support levels, but it’s early to call a bull trend

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Last Updated February 21st 2022
5 Min Read
  • Dogecoin bounces off multi-week support, but volumes are too low to call an uptrend yet.
  • Shiba Inu gains bullish momentum early in the week, but it needs to break key resistance for an uptrend to be confirmed.
  • Solana bounces off the monthly support level but needs to break 23.6% Fib resistance for an uptrend to be confirmed.

Dogecoin                      

Dogecoin was slightly bearish all through last week. By the end of the week, it was down by 3.8%.

Dogecoin started bearish last week. However, volumes were pretty low, and by the end of the day, DOGE was yet to negate the gains made on Sunday.

This saw bulls take control on Tuesday and with high volumes. However, by the end of the day, bulls failed to push Dogecoin high enough to test the 23.6% Fibonacci resistance at $0.1556.

This indicated bullish weakness and saw bears take control on Wednesday. The selloff accelerated on Thursday, but by the end of the day, bears hit strong multi-week support at $0.1369.

On Friday, volumes dropped at the multi-week support, and Dogecoin traded around this price level.

However, buying volumes increased on Saturday, but they lost control towards the end of the day.

This saw bears take control on Sunday but failed to push Dogecoin through the multi-week support.

Dogecoin has started the new week with a bounce off the multi-week support. When going to press, Dogecoin was gaining momentum.

DOGE/USD 1-hour chart 022122

Source: TradingView

A glance at the week ahead

The key levels to watch are the 23.6% Fibonacci resistance at $0.1556 and the multi-week support at $0.1369.

If bulls take control and push Dogecoin through the 23.6% Fibonacci resistance at $0.1556, the 38.2% Fibonacci resistance at $0.1777 would come into focus. If the 38.2% Fibonacci resistance is broken, prices above $0.1874 could be tested in the week.

However, if bears take control and push Dogecoin through the multi-week support at $0.1369, prices below $0.1248 could be tested in the week.

On the other hand, if volumes drop, Dogecoin could trade between the 23.6% Fibonacci resistance at $0.1556 and the multi-week support at $0.1369.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $0.1556

Key support: Multi-week support at $0.1369

Read More: Why Dogecoin Is Going To Explode

Shiba Inu

Shiba Inu was bearish all through last week. By the end of the week, it was down by 6.3%.

Shiba Inu started bullish last week, a continuation of the uptrend that had started a few days earlier. However, by the end of the day, bulls could not push Shiba Inu high enough to test the 23.6% Fibonacci resistance at $0.00003394.

Bulls failure to test a critical resistance level indicated weakness and saw bears take control on Tuesday.

With the broader market bearish, the Shiba Inu selloff accelerated. Bears remained in control throughout the week, and by Sunday, it hit strong support at $0.00002501, a key support level it last hit in January.

Shiba Inu has started the new week bullish after bouncing off the $0.00002501 support. When going to press, Shiba Inu was gaining upside momentum with high volumes.

SHIB/USD 1-hour chart 022122

Source: TradingView

A glance at the week ahead

The key levels to watch are the 23.6% Fibonacci resistance at $0.00003394 and the monthly support at $0.00002501.

If bulls take control and push Shiba Inu through the 23.6% Fibonacci resistance at $0.00003394, the 38.2% Fibonacci resistance at $0.00004436 would come into focus. If the 38.2% Fibonacci resistance is broken, prices above $0.00004932 could be tested in the week. 

However, if the monthly support at $0.0002501 is broken, prices below $0.00002066 could be tested in the week.

On the other hand, if volumes drop, Shiba Inu could trade between the 23.6% Fibonacci resistance at $0.00003394 and the monthly support at $0.00002501. 

A glance at the technicals

Key resistance: 23.6% Fibonacci at $0.00003394

Key support: Monthly support at $0.00002501

Read More: Is Shiba Inu Crypto A Buy?

Solana

Solana had mixed fortunes last week and ended the week pretty much where it had started.

Solana started last week with a strong bounce off the monthly support level at $90.64.

Bullish momentum accelerated on Tuesday, and by the end of the day, Solana had eliminated most of the losses from the previous week.

However, with the broader market turning bearish, Solana turned bearish on Wednesday.

The selloff accelerated on Thursday, and by Friday, Solana was back at the $90.64 monthly support.

Selling volumes dropped at the monthly support, and Solana consolidated around it all through the weekend.

Solana has started the new week bullish after buying volumes increased around the $90.64 monthly support. When going to press, buying volumes were on the rise.

SOL/USD 1-hour chart 022122

Source: TradingView

A glance at the week ahead

The key price levels to watch in the week are the 23.6% Fibonacci resistance at $130.78 and the monthly support at $90.64.

If bulls take control and push Solana through the 23.6% Fibonacci resistance at $130.78, the 38.2% Fibonacci resistance at $155.62 would come into focus. If the 38.2% Fibonacci resistance is broken, prices above $167.77 could be seen in the week. 

However, if bears manage to push Solana through the monthly support at $90.64, prices below $74.78 could be tested within the week.

On the other hand, if volumes drop, Solana could trade between the 23.6% Fibonacci resistance at $130.78 and the monthly support at $90.64.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $130.78

Key support: Monthly support at $90.64

Read More: Should You Buy Solana (SOL)? 4 Pros, 4 Cons