Dogecoin, Shiba Inu & Solana Daily Price Predictions – February 7, 2022

Bulls in control, a continuation of the momentum built up last week

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Last Updated February 7th 2022
5 Min Read
  • Dogecoin bulls are firmly in control as bullish sentiment rises in the broader market.
  • Shiba Inu bulls in control but buying volumes low in early Monday trading.
  • Solana bulls need to push through the 78.6% Fibonacci resistance at $118.94 for the uptrend to continue.

Dogecoin

Dogecoin was bullish for the better part of last week. By the end of the week, it was up by 14%.

Dogecoin started last week range-bound, a continuation of the consolidation pattern that had started a week earlier.

This continued until Wednesday, when bears attempted to take control. However, they did not have much momentum, and on Thursday, bulls took control, albeit with low volumes.

Buying volumes shot up on Friday and pushed DOGE through $0.1428, which was the upper bound of the consolidation that had started a week earlier.

Friday’s price action was an indicator that bulls were firmly in control. Though volumes dropped on Saturday, Dogecoin still ended the day above Friday’s close. This price action saw bullish volumes increase on Sunday.

Dogecoin has started the new week bullish, continuing the momentum that began last Friday.

When going to press, Dogecoin was trending higher, and buying volumes were on the rise.

DOGE/USD 1-hour chart 020722

Source: TradingView

A glance at the week ahead

The key levels to watch are the 78.2% Fibonacci resistance at $0.1746 and the multi-month support at $0.1746.

If bulls take control and push Dogecoin through the 78.2% Fibonacci resistance at $0.1746, the next key level to watch would be the 61.8% Fibonacci resistance at $0.2124. If the 61.8% Fibonacci resistance is broken, prices above $0.228 could be tested in the week.

However, if bears take the market and drive Dogecoin through the multi-month support at $0.124, prices below $0.1105 could be seen within the week. 

On the other hand, if volumes drop, Dogecoin could trade between the 78.6% Fibonacci resistance at $0.746 and the multi-month support at $0.124.

A glance at the technicals

Key resistance: 78.6% Fibonacci at $0.1746

Key support: Multi-month support at $0.124

Shiba Inu

Shiba Inu was range-bound for most of last week. However, it had a bullish breakout towards the end of the week and closed higher by 35%.

Shiba Inu started last week in a consolidation, continuing the price action from the previous week.

The consolidation pattern continued until Thursday when buying volumes started to rise.

Shiba Inu bulls gained upside momentum on Friday, with the broader market turning bullish. This saw it break through the upper bound of the range-bound trading at $0.00002160.

Bears attempted to retake control on Saturday, but SHIB still closed above Friday’s close. This energized bulls, and on Sunday, SHIB bulls broke through the 23.6% Fibonacci at $0.0.00002594.

Shiba Inu opened the new week above Sunday’s close, indicating that bulls were still in control. There was a slight correction when going to press, but momentum was overall bullish.

SHIB/USD 1-hour chart 020722

Source: TradingView

A glance at the week ahead

The key levels to watch today are the 38.2% Fibonacci resistance at $0.00003798 and the 23.6% Fibonacci support at $0.00002594.

If bulls take control and push Shiba Inu through the 38.2% Fibonacci resistance at $0.00003798, the 50.0% Fibonacci resistance at $0.00004745 would come into play. If bulls push through it, prices above $0.00005179 could be seen in the week. 

However, if the 23.6% support at $0.00002594 is broken; the multi-week support at $0.00001895 would come into focus. If broken, prices below $0.00001371 could be tested in the week.

If volumes drop, Shiba Inu could trade between the 38.2% Fibonacci resistance at $0.00003798 and the 23.6% support at $0.00002594.

A glance at the technicals

Key resistance: 38.2% Fibonacci at $0.00003798

Key support: 23.6% Fibonacci at $0.00002594

Solana

Solana was bullish all through last week. By the end of the week, Solana was up by 30%.

Solana started last week bullish, a continuation of the bullish momentum it had gained a week earlier.

On Tuesday, bullish momentum increased and saw Solana test weekly resistance at $108.07. 

The weekly resistance proved to be quite strong, and bulls failed at it on Wednesday. Wednesday’s correction extended into Thursday but was rejected.

With bulls taking control of the broader market, there was a sharp rejection of the bearish move on Thursday.

This set the stage for a bull rally on Friday, one that saw Solana rally through the multi-week resistance at $108.07.

 Bulls remained in control on Saturday, but they hit strong resistance at $118.94 on the 78.6% Fibonacci. 

Bulls remained in control on Sunday but were unable to push Solana through the $118.94 resistance.

Solana has started the new week with a third try at the 78.6% Fibonacci resistance. When going to press, Solana bulls were still making a go at this resistance.

SOL/USD 1-hour chart 020722

Source: TradingView

A glance at the week ahead

The key levels to watch today are the 78.6% resistance at $118.94 and the multi-week support at $108.07.

If bulls take control and push Solana through the 78.6% Fibonacci resistance at $118.94, the next key level to watch would be the 61.8% Fibonacci resistance at $148.76. If it is broken, prices above $151 could be tested in the week.

However, if bears push Solana through the multi-week support at $100.85, prices below $86.35 could be seen in the week.

If volumes drop, Solana could trade between the 23.6% Fibonacci resistance at $105.75 and the 38.2% Fibonacci support at $100.85.

A glance at the technicals

Key resistance: 78.6% Fibonacci at $118.94

Key support: Multi-week support at $108.07