Dogecoin, Shiba Inu & Solana Technical Analysis – 4th January, 2022

Crypto majors bounce off key support levels, but volumes are low

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Last Updated January 4th 2022
5 Min Read
  • Dogecoin bulls need to break the 50.0% Fibonacci resistance at $0.1722 for an uptrend to be confirmed.
  • Shiba Inu bulls are in control but volumes are yet to pick up momentum.
  • Solana has bounced off key support, but volumes don’t support a clear uptrend yet.

Dogecoin       

Dogecoin was bearish for the better part of Monday. By the end of the day, it was down by 1.2%.

Dogecoin started Monday trading bearish after bulls lost momentum on Sunday, just above the 78.6% Fibonacci resistance at $0.1737.

Bears were in control all through the morning, but just before daybreak, they hut strong support at $0.1709 on the 38.2% Fibonacci.

Bulls attempted to take control at this price level, and by mid-morning, Dogecoin had pushed through multiple resistance levels, and retested the 78.6% Fibonacci resistance at $0.1737.

The 78.6% Fibonacci resistance proved to be quite strong though, and bears took control again.  By late evening, Dogecoin had tested the 23.6% Fibonacci support at $0.1685.

Bears attempted to push Dogecoin through the 23.6% Fibonacci resistance at $0.1685, but the move was rejected. By the end of the day, Dogecoin was gaining upside momentum, and had tested the 38.2% Fibonacci resistance at $0.1709.

Dogecoin started Tuesday trading bearish after bulls lost momentum at the 38.2% Fibonacci resistance.

What followed was a crash back to the 23.6% Fibonacci support at $0.1685. This support proved to be quite strong though, and just before daybreak, bulls were back in control.

At the time of going to press, bulls were still in control, and Dogecoin was close to retesting the 50.0% Fibonacci resistance at $0.1722.

DOGE/USD daily chart 010422

Source: TradingView

A glance at the day ahead

The key levels to watch are the 50.0% Fibonacci resistance at $0.1722 and the 23.6% Fibonacci support at $0.1685. 

If bulls take control and push Dogecoin through the 50.0% Fibonacci resistance at $0.1722, the 61.8% Fibonacci resistance at $0.1721 would come into focus. If it’s broken, prices above $0.18 could be hit in the day.

However, if bears take control and push Dogecoin through the 23.6% Fibonacci support at $0.1665, then prices below $0.1668 could be seen within the day.  

On the other hand, if volumes drop, Dogecoin could trade between the 50.0% Fibonacci resistance at $0.1722 and the 23.6% Fibonacci support at $0.1685.

A glance at the technical

Key resistance: 50.0% Fibonacci at $0.1722

Key support: 23.6% Fibonacci at $0.1685

Shiba Inu

Shiba Inu was range-bound for the better part of Monday. However, it still closed the day lower by 2.65%.

Shiba Inu started Monday trading range-bound around the 23.6% Fibonacci resistance at $0.00003383.

It traded in a range around this resistance until mid-day when bulls attempted to take control.

However, momentum was weak, and by early afternoon, bears took control of the market.

What followed was a correction that lasted until late evening, when it hit multi-week support at $0.00003216.

This support proved to be quite strong though, and Shiba Inu bounced off it in the last three hours of the day.

Shiba Inu started Tuesday trading bearish after bullish volumes dropped in the last hour of the day.

Bears retained control until two hours to daybreak when bulls took control. When going to press, bulls were still in control, but SHIB was yet to test any major resistance level.

SHIB/USD daily chart 010422

Source: TradingView

A glance at the day ahead

The key levels to watch today are the 23.6% Fibonacci resistance at $0.00003383 and the multi-week support at $0.00003216.

If bulls take control and push Shiba Inu through the 23.6% Fibonacci resistance at $0.00003383, the 38.2%

Fibonacci resistance at $0.00003482 would come into focus. If the 38.2%

Fibonacci resistance is broken; prices above $0.00003531 could be hit within the day.

However, if the multi-week support at $0.00003216 is broken, prices below $0.00003191 could be hit within the day.

On the other hand, if volumes drop, Shiba Inu could trade between the 23.6% Fibonacci resistance at $0.00003383 and the multi-week support at $0.00003216.  

A glance at the technicals

Key resistance: 23.6% Fibonacci at $0.00003383

Key support: Multi-week support at $0.00003216

Solana

Solana was bearish for the better part of Monday. By the end of the day, it was down by 3.14%.

Solana started Monday trading bearish, and broke through the 23.6% Fibonacci support at $175.56 within the first hour of trading.

Bears were in control until an hour before daybreak, when Solana hit multi-week support at $172.09.

Solana bounced off this support, and by early afternoon, had retested the 23.6% Fibonacci, now resistance, at $175.56.

This resistance proved to be quite strong though, and bears took control from that point on. By late evening, Solana had retested the multi-week support at $166.44.

Solana bounced off this resistance but by the end of the day, buying volumes had dried up.

Solana started Tuesday trading bearish after selling volumes dried up in late Monday trading.

However, just before daybreak, it hit the multi-week support and bounced off it. When going to press, bulls were still in control.

SOL/USD daily chart 010422                                     

Source: TradingView

A glance at the day ahead

The key levels to watch are the 23.6% Fibonacci resistance at $175.56 and the multi-week support at $172.09.

If bulls take control and push Solana through the 23.6% Fibonacci resistance, the 38.2% Fibonacci resistance at $181.02, would come into focus. If it’s broken, prices above $185 could be seen in the day.

However, if the multi-week support at $172.09 is broken, prices below $164 could be seen in the day.  

On the other hand, if volumes are low, Solana could trade between the 23.6% Fibonacci resistance at $175.56 and the multi-week support at $172.09.

A glance at the technical

Key resistance: 23.6% Fibonacci at $175.56

Key support: Multi-week support at $172.09