Dogecoin, Shiba Inu & Solana Technical Analysis – 6th January 2022

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

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Last Updated January 6th 2022
5 Min Read
  • Dogecoin bounces off key support but needs to push through the 38.2% Fibonacci resistance at $0.1589 for an uptrend to be confirmed.
  • Shiba Inu consolidates just below the 23.6% Fibonacci at $0.00003039, with no clear direction yet.
  • Solana consolidates below the 23.6% Fibonacci resistance at $152.85, with no clear direction for the day.

Dogecoin

Dogecoin was range-bound for the better part of Wednesday but had a price collapse towards the end of the day. By the end of the day, Dogecoin was down by 7.43%.

Dogecoin started Wednesday trading range-bound between the 78.6% Fibonacci resistance at $0.1708 and the 61.8% Fibonacci support at $0.1658.

Dogecoin traded in this range until early evening when bears took control of the market. At this point, bears took control, and with high volumes.

Dogecoin crashed through the 61.8% Fibonacci support and several other support levels. Two hours to the end of the day, Dogecoin tested the multi-week support at $0.1476.

However, there was a sharp reversal off the multi-week support, and by the end of the day, Dogecoin had tested the 38.2% Fibonacci, now resistance at $0.1589.

Dogecoin started Thursday trading bearish after bulls failed to push it through the 38.2% Fibonacci resistance at $0.1589.

Before daybreak, Dogecoin tested the 23.6% Fibonacci support at $0.1545 and bounced off it.

When going to press, bulls were still in control, but Dogecoin was yet to retest the 38.2% Fibonacci resistance at $0.1589.

DOGE/USD daily chart 010622

Source: TradingView

A glance at the day ahead

The key levels to watch are the 38.2% Fibonacci resistance at $0.1589 and the 23.6% Fibonacci support at $0.1545.

If bulls take control and push Dogecoin through the 38.2% Fibonacci resistance at $0.1589, the 50.0% Fibonacci resistance at $0.1659 would come into play. If it’s broken, prices above $0.17 could be seen in the day.

However, if bears take control and push Dogecoin through the 23.6% Fibonacci support at $0.1545, then prices below $0.1501 could be seen within the day. 

On the other hand, if volumes drop, Dogecoin could trade between the 38.2% Fibonacci resistance at $0.1589 and the 23.6% Fibonacci support at $0.1545.

A glance at the technical

Key resistance: 38.2% Fibonacci at $0.1589

Key support: 23.6% Fibonacci at $0.1546

Shiba Inu

Shiba Inu was range-bound for the better part of Wednesday but turned bearish towards the end of the day. Shiba Inu was down by the end of the day by 9.5%.

Shiba Inu started Wednesday range-bound between the 61.8% Fibonacci resistance at $0.00003336 and the 50.0% Fibonacci support at $0.00003243.

This range-bound trading continued until early evening. That’s when bears took control in the broader market, and Shiba Inu was not spared.

Shiba Inu eased through the 50.0% Fibonacci support and several other support levels. Just two hours to the end of the day, SHIB tested multi-month support at $0.00002857.

However, there was a sharp reversal off the multi-month support, and by the end of the day, Shiba Inu was trading at the 23.6% Fibonacci, now resistance at $0.00003039.

Shiba Inu started Thursday trading bearish after bulls failed to push it through the 23.6% Fibonacci resistance at $0.00002857. 

Just before daybreak, an increase in bullish momentum in the broader market saw SHIB bulls retake control.

When going to press, bulls were still in control, but Shiba Inu was yet to retest the 23.6% Fibonacci resistance at $0.00003039.

SHIB/USD daily chart 010622

Source: TradingView

A glance at the day ahead

The key levels to watch today are the 23.6% Fibonacci resistance at $0.00003039 and the multi-month support at $0.00002857.

If bulls take control and push Shiba Inu through the 23.6% Fibonacci resistance at $0.00003039, the 50.0% Fibonacci resistance at $0.00003244 would come into play. If the 50.0% Fibonacci resistance is broken, prices above $0.00003257 could be hit within the day.

However, if the multi-month support at $0.00002857 is broken, prices below $0.00002807 could be hit in the day.

On the other hand, if volumes drop, Shiba Inu could trade between the 23.6% Fibonacci resistance at $0.00003039 and the multi-month support at $0.00002857. 

A glance at the technical

Key resistance: 23.6% Fibonacci at $0.00003039

Key support: Multi-month support at $0.00002857

Solana

Solana was range-bound for the better part of Wednesday but turned bearish towards the end of the day. By the end of the day, Solana was down by 12.57%.

Solana started Wednesday range-bound between the 78.6% Fibonacci resistance at $171.32 and the 61.8% Fibonacci support at $165.66.

This range-bound trading continued until early evening. That’s when bears took control in the broader market, and Solana turned strongly bearish.

Solana pushed through multi-month support levels, and just an hour to the end of the day, SOL tested multi-month support at $144.95.

However, there was a sharp reversal off the multi-month support, and by the end of the day, Solana was trading at the 23.6% Fibonacci, now resistance at $152.85.

Shiba Inu started Thursday bearish after bulls failed to sustain momentum above the 23.6% Fibonacci resistance at $152.85. 

Just before daybreak, an increase in bullish momentum in the broader market saw Solana bulls retake control.

Bulls were still in control when going to press, but SOL was yet to retest the 23.6% Fibonacci resistance at $152.85.

SOL/USD daily chart 010622

Source: TradingView

A glance at the day ahead

The key levels to watch are the 23.6% Fibonacci resistance at $152.85 and the multi-month support at $144.95.

If bulls take control and push Solana through the 23.6% Fibonacci resistance; the 38.2% Fibonacci resistance at $157.76 would come into focus. If it’s broken, prices above $160 could be hit in the day.

However, if the multi-month support at $144.95 is broken, prices below $143.05 could be seen in the day. 

On the other hand, if volumes are low, Solana could trade between the 23.6% Fibonacci resistance at $152.85 and the multi-month support at $144.95.

A glance at the technical

Key resistance: 23.6% Fibonacci at $152.85

Key support: Multi-month support at $144.95