Dogecoin, Shiba Inu & Solana Technical Analysis – January 11, 2022

Bulls attempt to retake control after days of selloffs, but volumes are still low

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Last Updated January 11th 2022
5 Min Read
  • Dogecoin bears still in control but losing momentum just above the 23.6% Fibonacci support at $0.1434.
  • Shiba Inu is still range-bound as buying volumes are too low to support a potential bullish breakout.
  • Solana bulls are re-entering the market, but the 23.6% Fibonacci resistance at $140.35 needs to break for the uptrend to be confirmed.

Dogecoin

Dogecoin was bearish for the better part of Monday. By the end of the day, it was down by 5%.

Dogecoin started trading range-bound Monday. This was after bears lost momentum at $0.1509, on the 61.8% Fibonacci support in late Sunday trading.

Dogecoin traded in a range around 61.8% Fibonacci support until daybreak when it regained control again.

The correction that followed was quite strong, and by early afternoon, Dogecoin had pushed through multiple support levels and tested key monthly support at $0.1388.

Bears briefly pushed Dogecoin through the monthly support, but the move was rejected. A bullish reversal followed that saw Dogecoin test the 38.2% Fibonacci, now resistance, at $0.1463.

This resistance proved to be quite strong, though, and a bearish engulfing pattern formed. However, unlike earlier in the day, Dogecoin bears did not have much momentum.

What followed was range-bound trading around the 23.6% Fibonacci support at $0.1434. Dogecoin traded around this support until the end of the day.

Dogecoin started trading bullish Tuesday after bouncing off the 23.6% Fibonacci support at $0.1434.

Just before daybreak, Dogecoin hit strong resistance at $0.1463 on the 38.2% Fibonacci resistance.

Bears have been in control since then, and at the time of writing, Dogecoin was close to retesting the 23.6% Fibonacci support at $0.1434.

DOGE/USD daily chart 011022

Source: TradingView

A glance at the day ahead

The key levels to watch are the 38.2% Fibonacci resistance at $0.1463 and the monthly support at $0.1434.

If bulls take control and push Dogecoin through the 38.2% Fibonacci resistance at $0.1463, the 50.0%

Fibonacci resistance at $0.1485 would come into play. If it’s broken, prices

above $0.155 could be tested within the day.

However, if bears take control and push Dogecoin through the monthly support at $0.1434, then prices below $0.13 could be tested within the day. 

On the other hand, if volumes drop, Dogecoin could trade between the 38.2% Fibonacci resistance at $0.1463, and the monthly support at $0.1434.

A glance at the technicals

Key resistance: 38.2% Fibonacci at $0.1463

Key support: 23.6% Fibonacci at $0.1434

Shiba Inu

Shiba Inu was bearish for the better part of Monday. By the end of the day, SHIB was down by 5.2%.

Shiba Inu started trading range-bound Monday. This was after bears lost momentum just above the 23.6% Fibonacci support at $0.00002796 in the first hour of the day.

Shiba Inu traded in a range above the 23.6% Fibonacci support until mid-morning. At this point, an increase in selling momentum in the broader market saw Shiba Inu turn strongly bearish.

The correction that followed was quite strong, and by early afternoon, Shiba Inu had tested a key monthly support level at $0.00002609.

Bears briefly pushed Shiba Inu through the monthly support, but the move was rejected. What followed was range-bound trading just above the $0.00002609 monthly support for the rest of the day.

Shiba Inu started trading range-bound Tuesday, continuing its late Monday price action.

Just before daybreak, Shiba Inu bulls attempted to take control but failed. What followed was a correction at daybreak. 

When going to press, Shiba Inu was bearish and close to retesting the monthly support at $0.00002609.

SHIB/USD daily chart 011022

Source: TradingView

A glance at the day ahead

The key levels to watch today are the 23.6% Fibonacci resistance at $0.00002796 and the monthly support at $0.00002609.

If bulls take control and push Shiba Inu through the 23.6% Fibonacci resistance at $0.00002796, the 38.2% Fibonacci resistance at $0.00002914 would come into focus. If the 38.2% Fibonacci resistance is broken, prices above $0.00003100 could be seen in the day.

However, if the monthly support at $0.00002609 is broken; prices below $0.00002566 could be seen in the day.

On the other hand, if volumes drop, Shiba Inu could trade between the 23.6% Fibonacci resistance at $0.00002796 and the monthly support at $0.00002609.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $0.00002796

Key support: Monthly support at $0.00002609.

Solana

Solana was bearish for the better part of Monday. By the end of the day, it was down by 5.2%.

Solana started Monday trading range-bound. This was after bears lost momentum at $140.35 on the 23.6% support in late Sunday trading.

Solana traded in a range around the 23.6% Fibonacci support until mid-morning when bearish sentiment increased.

The correction that followed was quite strong, and by afternoon, Solana had tested the monthly support at $129.96. 

This support proved quite strong, though, and a bullish reversal followed. However, bulls did not have much momentum with the broader market bearish. What followed was range-bound trading above the $129.96 monthly support for the rest of the day.

Solana started trading range-bound Tuesday, continuing late Monday’s price action. When going to press, bulls attempted to take control, but volumes were low.

SOL/USD daily chart 011022

Source: TradingView

A glance at the day ahead

The key levels to watch are the 23.6% Fibonacci resistance at $140.35 and the monthly support at $129.96.

If bulls take control and push Solana through the 23.6% Fibonacci resistance, the 38.2% Fibonacci resistance at $146.88 would come into focus. If it’s broken, prices above $150 could be seen in the day.

However, if the monthly support at $129.96 is broken, prices below $128 could be tested in the day.

On the other hand, if volumes are low, Solana could trade between the 23.6% Fibonacci resistance at $140.35, and the monthly support at $129.96.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $140.35

Key support: Monthly support at $129.96