Dogecoin, Shiba Inu & Solana Daily Price Predictions – February 8, 2022

Crypto majors directionless as volumes drop after Monday’s rally

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Last Updated February 8th 2022
5 Min Read
  • Dogecoin is holding above key support levels but buying volumes low.
  • Shiba Inu needs to break the multi-month resistance at $0.00003522 for the uptrend to continue.
  • Solana has yet to find direction after bouncing off a critical support level.

Dogecoin                                                     

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

Dogecoin started Monday trading bullish after it broke through the 50.0% Fibonacci resistance at $0.1536 in late Sunday trading.

Bulls remained in control, but just a few hours before daybreak, Dogecoin hit strong resistance at $0.1538 on the 38.2% Fibonacci resistance.

Bulls managed to push Dogecoin through the 38.2% Fibonacci resistance but lost momentum shortly after.

A brief retrace followed, though bears didn’t have much volume to push Dogecoin to the 50.0% Fibonacci, which was support at the time.

With bullish momentum on the rise in the broader market, Dogecoin bulls regained control.

Bullish momentum was so strong that, by early afternoon, Dogecoin had blown through the 38.2% Fibonacci resistance with high volumes.

Buying volumes kept surging, and by early evening, Dogecoin had pushed through the 23.6% Fibonacci resistance at $0.1639.

Just three hours to the end of the day, Dogecoin tested monthly resistance at $0.1732. However, after more than 12-hours of gains, profit-taking saw Dogecoin enter a slight correction. Dogecoin was trading at the 23.6% Fibonacci at $0.1639, which is now major support by the end of the day.

Dogecoin started trading Tuesday at the 23.6% Fibonacci support. There was a brief push through this support, but bulls quickly regained control.

Bulls were still in control when going to press, albeit with low volumes.

DOGE/USD 1-hour chart 020822

Source: TradingView

A glance at the day ahead

The key levels to watch are the multi-month resistance at $0.1732 and the 23.6% Fibonacci support at $0.1639.

If bulls take control and push Dogecoin through the multi-month resistance at $0.1732, prices above $0.1801 could be seen in the day.

However, if bears take control and push Dogecoin through the 23.6% Fibonacci support at $0.1639, the next key level to watch would be the 38.2% Fibonacci support at $0.1583. If it is broken, prices below $0.1550 could be tested in the day.

On the other hand, if volumes drop, Dogecoin could trade between the monthly resistance at $0.1732 and the 23.6% Fibonacci support at $0.1639.

A glance at the day technicals

Key resistance: Monthly resistance at $0.1732

Key support: 23.6 % Fibonacci at $0.1639

Shiba Inu

Shiba Inu was strongly bullish all through Monday. By the end of the day, it was up by 25%.

Shiba Inu started Monday trading with a brief correction to the 50.0% Fibonacci support at $0.00002767.

However, just an hour later, bulls took control and pushed SHIB to the 38.2% Fibonacci resistance at $0.00002942.

This resistance proved too strong, and SHIB was range-bound between the 38.2% Fibonacci resistance at $0.00002942 and the 50.0% Fibonacci support at $0.00002767.

Shiba Inu was range-bound until early afternoon when bulls took control and with high volumes. Bullish momentum was so strong that by early evening, Shiba Inu had broken through multiple resistance levels to test the multi-month resistance at $0.00003522.

Profit-taking followed shortly, though, and a correction saw Shiba Inu test the 23.6% Fibonacci support at $0.00003164. Just four hours to the end of the day, Shiba Inu bounced off this support followed until the last hour of the day.

Shiba Inu started trading bullish Tuesday, continuing the bullish momentum it had built up in late Monday trading.

When going to press, Shiba Inu was trading at the multi-month resistance at $0.00003522.

SHIB/USD 1-hour chart 020822

Source: TradingView

A glance at the day ahead

The key levels to watch today are the multi-month resistance at $0.00003522 and the 23.6% Fibonacci support at $0.00003164.

If bulls take control and push Shiba Inu through the multi-month resistance at $0.00003522, prices above $0.00003683 could be tested in the day. 

However, if the 23.6% support at $0.00003164 is broken; the 38.2% Fibonacci support at $0.00002942 would come into focus. If broken, prices below $0.00002863 could be seen in the day.

If volumes drop, Shiba Inu could trade between the multi-month resistance at $0.00003522 and the 23.6% support at $0.00003164.

A glance at the technicals

Key resistance: Multi-month resistance at $0.00003522

Key support: 23.6% Fibonacci at $0.00003164

Solana

Solana was bullish for most of Monday, albeit with low volumes. By the end of the day, Solana was up by 7%.

Solana started Monday trading bearish after hitting strong resistance at $115.29 on the 23.6% Fibonacci. However, bulls quickly regained control, and just before daybreak, Solana pushed through the 23.6% Fibonacci with high volumes.

However, bullish momentum dropped shortly after, and by mid-morning, Solana was trading back at the 23.6% Fibonacci, now resistance.

The 23.6% Fibonacci proved too strong for bears, and bulls regained control with the broader market bullish. A rally followed that saw Solana test the $121.90 monthly resistance by late afternoon.

The monthly resistance proved to be too strong for bears, though, and a correction followed all through the evening.

Solana started Tuesday trading bearish, continuing the selloff from late Monday trading.

However, just two hours into the day, Solana hit the 23.6% Fibonacci support at $115.29. Solana bounced off this support, but upside momentum was weak.

When going to press, Solana was directionless but was holding firmly above the 23.6% Fibonacci support at $115.29.

SOL/USD 1-hour chart 020822

Source: TradingView

A glance at the day ahead

The key levels to watch today are the monthly resistance at $121.90 and the 23.6% Fibonacci support at $115.29.

If bulls take control and push Solana through the monthly resistance at $121.90, prices above $125.01could be seen in the day.

However, if bears push Solana through the 23.6% Fibonacci support at $115.29, the next key level to watch would be the 38.2% Fibonacci support at $111.38. If the 38.2% Fibonacci support is broken, prices below $109.53 could be tested in the day.

If volumes drop, Solana could trade between the monthly resistance at $121.90 and the 23.6% Fibonacci support at $115.29.

A glance at the day technicals

Key resistance: Monthly resistance at $121.90

Key support: 23.6% Fibonacci at $115.29