Dogecoin, Shiba Inu & Solana Technical Analysis – January 14, 2022

Crypto majors trading at key resistance levels after early morning rallies

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Last Updated January 14th 2022
5 Min Read
  • Dogecoin needs to hold above $0.1946 intra-day support for the bull rally to continue despite Tesla news. 
  • Shiba Inu bulls in control, but SHIB needs to push through $0.00003330 resistance for an uptrend to be confirmed. 
  • Solana is directionless, but if the 38.2% Fibonacci Fib support breaks, bears could take control throughout Friday. 

Dogecoin

Dogecoin was directionless for all through Thursday. However, it closed the day higher by 2%. 

Dogecoin started Thursday trading bullish, a continuation of bullish momentum that began in late Wednesday trading.

Buying momentum was quite strong, and by the third hour of the day, Dogecoin had pushed through the 78.6% Fibonacci resistance at $0.1648.

Just before daybreak, Dogecoin had tested multi-week resistance at $0.1725. However, the multi-week resistance proved too strong for bulls, and Dogecoin ranged around it until early afternoon. It is at this point that bears attempted to retake control. 

With bearish sentiment prevalent in the broader market, Dogecoin turned bearish for most of the afternoon. This continued until the early evening when Dogecoin hit the 78.6% Fibonacci, now support at $0.1648. 

This support proved to be quite strong, and Dogecoin rallied off it for the rest of the evening. By the end of the day Thursday, Dogecoin was trading at the multi-week resistance at $0.1725. 

Dogecoin started Friday trading bullish. This followed news that Tesla had begun testing DOGE for payments, just like Elon Musk had promised in late 2021. 

This news saw Dogecoin buying volumes surge in the morning, and at daybreak, DOGE had hit and pushed through key monthly resistance at $0.1946. 

The rally was easing up when going to press, and Dogecoin was retracing back to the multi-month resistance, now intra-day support at $0.1946. 

DOGE/USD daily chart 011422

Source: TradingView

A glance at the day ahead

The key levels to watch are the day’s high at $0.2147 and the intra-day support at $0.1946.  

If bulls take control and push Dogecoin through the day’s high at $0.2147, prices above $0.23 could be tested within the day. 

However, if bears take control and push Dogecoin through the intra-day support at $0.1946, the 78.6%

Fibonacci support at $0.1648 would come into focus. If broken, prices below

$0.160 could be hit in the day.  

On the other hand, if volumes drop, Dogecoin could trade between the day’s high of $0.2147 and intra-day support at $0.1946. 

A glance at the technicals

Key resistance: Day’s high of $0.2147

Key support:  Intra-day support at $0.1946

Shiba Inu

On Thursday, Shiba Inu had a mixed day and closed the day lower by 3%.  

Shiba Inu started Thursday trading range-bound above the 78.6% Fibonacci support at $0.00003176. This was a continuation of the range-bound trading that had started in late Wednesday trading. 

This range-bound trading continued until early afternoon when bears took control and pushed SHIB through the 78.6% Fibonacci support.

Bears were quite strong, and within an hour, the 61.8% Fibonacci support at $0.00003054 had also given way. Bears were in control until the evening when Shiba Inu hit strong support at $0.00002969 on the 50.0% Fibonacci. 

The 50.0% Fibonacci support proved to be quite strong, and Shiba Inu consolidated above it until the end of the day. 

Shiba Inu started Friday trading bullish after bounced off the 50.0% Fibonacci support at $0.00002969 with high volumes.

Just before daybreak, Shiba Inu buying volumes increased, and Shiba Inu pushed through multiple resistance levels. 

By mid-morning, Shiba Inu had negated all the losses from Thursday’s trading session.   

When going to press, Shiba Inu had pushed through the 78.6% Fibonacci, then resistance at $0.00003176, and upside momentum was on the rise.

SHIB/USD daily chart 011422

Source: TradingView

A glance at the day ahead

The key levels to watch today are the monthly resistance at $0.00003330 and the 78.6% Fibonacci support at $0.00003176.

If bulls take control and push Shiba Inu through the monthly resistance at $0.00003330, prices above $0.00003360 could be hit within the day.  

However, if the 78.6% Fibonacci support at $0.00003176 is broken; the 61.8% Fibonacci support at 0.00003054 would come into focus. If broken, prices below $0.00002991 could be tested within the day.

On the other hand, if volumes drop, Shiba Inu could trade between the monthly resistance at $0.00003330, and the 78.6% Fibonacci support at $0.00003176. 

A glance at the technicals 

Key resistance: Monthly resistance at $0.00003330

Key support: 78.6% Fibonacci at $0.00003176

Solana

On Thursday, Solana had a mixed day but closed the day lower by 2%. 

Solana started Thursday trading bullish after bears lost momentum within the first two hours of the day. 

Solana bulls were quite strong, and by mid-morning, SOL hit strong resistance at $152.13 on the 50.0% Fibonacci. 

However, by midday, Solana bulls took control and with high volumes. A rally followed that saw SOL test the 61.8% Fibonacci resistance at $157.32 by early afternoon. 

Solana bulls lost momentum at the 61.8% Fibonacci resistance with the broader market turning bearish.

What followed was a correction that saw Solana push through multiple support levels, and test the 38.2% Fib support in the early evening. 

The 38.2% Fib support proved to be quite strong for bears, and Solana oscillated around it until the end of the day. 

After bouncing off the 38.2% Fibonacci support, Solana started trading bullish. By mid-morning, it was close to testing the 50.0% Fibonacci resistance at $152.13. 

SOL/USD daily chart 011422

Source: TradingView

A glance at the day ahead

The key levels to watch are the 50.0% Fibonacci resistance at $152.13 and the 38.2% Fibonacci support at $146.87.

If bulls take control and push Solana through the 50.0% Fibonacci resistance at $152.01, the 61.8% Fibonacci resistance at $157.32 would come into focus. If the 61.8% Fib gives way, prices above $160 could be hit in the day. 

However, if the 38.2% Fibonacci support at $146.87 gives way, the 23.6% Fibonacci support at $140.35 would come into focus. If the 23.6% Fib support does not hold up, prices below $138 could be tested in the day. 

On the other hand, if volumes drop, Solana could oscillate between the 50.0% Fibonacci resistance at $152.13, and the 38.2% Fibonacci support at $146.87.

A glance at the technicals 

Key resistance: 50.0% Fibonacci at $152.13

Key support: 38.2% Fibonacci at $146.87