Dogecoin, Shiba Inu & Solana Daily Price Predictions– February 3, 2022

Crypto majors bounce off key support levels but volumes too low to call a bullish reversal

By
Last Updated February 3rd 2022
5 Min Read
  • Dogecoin bounces off key support but needs to break $0.1399 resistance for uptrend to be confirmed.
  • Shiba Inu bulls gaining momentum but bulls need to break $0.00002109 for uptrend confirmation.
  • Solana needs to push through $101.05 for uptrend to be confirmed.

Dogecoin                    

Dogecoin was bearish for the better part of Wednesday. By the end of the day, it was down by 3%.

Dogecoin started Wednesday trading range-bound below the 38.2% Fibonacci resistance at $0.1431. This was a continuation of the price action that started in late Tuesday trading.

This range-bound trading continued until mid-morning when bulls gained momentum and blasted through the 38.2% Fibonacci resistance.

However, this momentum did not last as the broader market turned bearish. What followed was crash back through the 38.2% Fibonacci.

By early afternoon Dogecoin was trading at the 50.0% Fibonacci support at $0.1399.  It traded at this support until late into the night when it broke through it, and extended through the 61.8% Fibonacci support at $0.1367.

However, the 61.8% Fibonacci support proved to be quite strong, and Dogecoin ranged above it for the rest of last 4-hours of the day.

Dogecoin started Thursday trading bouncing off the 61.8% Fibonacci support at $0.1367.

When going to press, Dogecoin was close to testing the 50.0% Fibonacci, now resistance at $0.1399.

DOGE/USD 1-hour chart 020322

Source: TradingView

A glance at the day ahead

The key levels to watch are the 50.0% resistance at $0.1399 and the 61.8% Fibonacci support at $0.1367.

If bulls take control and push Dogecoin through the 50.0% Fibonacci resistance at $0.1399; the next key level to watch would be the 38.2% Fibonacci resistance at $0.1431. If the 38.2% Fib resistance is broken, prices above $0.1455 could easily be tested within the day. 

However, if bears take the market and drive Dogecoin through the 61.8% Fibonacci support at $0.1367, prices below $0.1355 could be seen in the day.  

On the other hand, if volumes drop, Dogecoin could trade between the 50.0% Fibonacci resistance at $0.1399 and the 61.8% Fibonacci support at $0.1367.

A glance at the technicals

Key resistance: 50.0% Fibonacci at $0.1399

Key support: 61.8% Fibonacci at $0.1367

Shiba Inu

Shiba Inu was bearish was for the better part of Wednesday. By the end of the day, it was down by 5.1%.

Shiba Inu started Wednesday range-bound at the 38.2% Fibonacci resistance at $0.00002168.

Just before daybreak, bears attempted to take control, but by mid-morning, bulls took back control.  However, the 38.2% Fibonacci resistance proved too strong for bulls for the second time in the day.

What followed was a crash that saw Shiba Inu breach the 50.0% Fibonacci and test the 61.8% Fibonacci support at $0.00002053.

Shiba Inu bounced off the 61.8% Fibonacci support, and by early evening, was trading at the 50.0% Fibonacci resistance at $0.00002110.

The 50.0% Fibonacci resistance proved to be quite strong, and Shiba Inu dropped back to the 61.8% Fibonacci support in the last hour of the day.

Shiba Inu started Thursday trading at the 61.8% Fibonacci support at $0.00002053. When going to press, Shiba Inu was still trading at the 61.8% Fibonacci support.

SHIB/USD 1-hour chart 020322

Source: TradingView

A glance at the day ahead

The key levels to watch today are the 50.0% Fibonacci resistance at $0.00002110 and the 61.8% Fibonacci support at $0.00002053.

If bulls take control and push Shiba Inu through the 50.0% Fibonacci resistance at $0.00002110, the 38.2% Fibonacci resistance at $0.00002168 would be the next major resistance. If it’s broken, prices above $0.00002255 could be seen in the day.  

However, if the 61.8% support at $0.00002053 is broken, prices below $0.00001986 could be tested in the day. 

If volumes drop, Shiba Inu could trade between the 50.0% Fibonacci resistance at $0.00002110 and the 61.8% support at $0.00002053.

A glance at the technicals

Key resistance: 50.0% Fibonacci at $0.00002110

Key support: 61.8% Fibonacci at $0.00002053

Solana

Solana was bearish for the better of Wednesday. By the end of the day, Solana was down by 10%.

Solana started Wednesday trading range-bound between the multi-month resistance at $113.63, and the intra-day support at $108.07.

By early afternoon, Solana had dropped to the 23.6% Fibonacci support at $105.95. Solana bounced off the 23.6% Fibonacci, but bulls lost momentum in the early evening.

This saw bears take control in the early evening. By the last hour of the day, Solana had broken through multiple support levels, and just two hours to the end of the day, was trading at the 50.0% Fibonacci support at $97.15.

It bounced off this support, and by the end of the day, was trading at the 38.2% Fibonacci, which is now resistance at $101.05.

Solana started Thursday trading with a bounce off the 50.0% Fibonacci support at $97.15.

When going to press, bulls were still in control, and volumes were on the rise.

SOL/USD 1-hour chart 020322

Source: TradingView

A glance at the day ahead

The major levels to watch today are the 38.2% resistance at $101.05 and the 50.0% Fibonacci support at $97.15.

If bulls take control and push Solana through the 38.2% Fibonacci resistance at $101.05 the 23.6% Fibonacci resistance at $105.95 would come into play. If the 23.6% Fib resistance is broken, prices above $110 could easily be seen in the day. 

However, if bears push Solana through the 50.0% Fibonacci support at $97.15, prices below $96.5 could be seen in the day.

If volumes drop, Solana could trade between the 38.2% Fibonacci resistance at $101.05 and the 50.0% Fibonacci support at $97.15.

A glance at the technicals

Key resistance: 38.2% Fibonacci at $101.05

Key support: 50.0% Fibonacci at $97.15