Dogecoin, Shiba Inu & Solana Technical Analysis – January 17, 2022

Bears in control early in the week, but critical support levels are still intact

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Last Updated January 17th 2022
5 Min Read
  • Dogecoin bears in control following a breach of key support on Sunday.
  • Shiba Inu bears take control early in the week, after buying volumes dried up last week.
  • Solana bears in control and trending towards the 50.0% Fibonacci support at $139.41.

Dogecoin

Dogecoin was bullish for the better part of last week. By the end of the week, it was up by 13%.

Dogecoin started last week bearish, a continuation of the bearish trend that had been dominant all through the previous week.

However, with bullish momentum rising in the broader market, a bullish reversal followed on Tuesday. This reinvigorated Dogecoin bulls and saw DOGE keep closing higher until Friday.

Dogecoin recorded the most gains on Friday, following news that Tesla had started testing DOGE for payments.

This news saw Dogecoin rally through the 23.6% Fibonacci resistance at $0.1820, and even test the 38.2% Fibonacci resistance at $0.2143.

However, without much support from the broader market, Dogecoin’s Friday pump didn’t last. By the end of the day, Dogecoin had retraced back to the 23.6% Fib, then support, at $0.1820.

The 23.6% Fib support proved to be quite strong, and on Saturday, Dogecoin still closed above this support despite bears’ attempt to push Dogecoin through it.

However, on Sunday, bears finally managed to push Dogecoin through the 23.6% Fibonacci.

Dogecoin has started the new week bearish, a continuation of the selloff that started at the close of last week.  Bears were still in control when going to press, and the selloff was accelerating.

DOGE/USD daily chart 011722

Source: TradingView

A glance at the week ahead

The key levels to watch are the 23.6% Fibonacci resistance at $0.1820, and the weekly support at $0.1423.

If bulls take control and push Dogecoin through the 23.6% Fibonacci resistance at $0.1820, the next key level to watch would be the 38.2% Fibonacci resistance at $0.2143. If the 38.2% Fib resistance is broken; prices above $0.23 could be tested within the week.

However, if bears take control and push Dogecoin through the weekly support at $0.1423, prices below $0.131 could be tested in the week. 

On the other hand, if volumes drop, Dogecoin could trade between the 23.6% Fibonacci resistance at $0.1820, and the weekly support at $0.1423.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $0.1820

Key support: Weekly support at $0.1423

Shiba Inu

Shiba Inu was bullish, albeit with low volumes for the better part of last week. By the end of the week, it was up by 4%.

Shiba Inu started last week bearish, a continuation of the selloff that had started a week earlier.

However, towards the end of the day Monday, bearish momentum declined just above the 78.6% Fibonacci support at $0.00002515.

This saw bulls take control of the market on Tuesday, albeit with low volumes. However, with the broader market turning bullish, SHIB buying volumes increased on Tuesday. Upside momentum was so strong that by the end of the day Tuesday, Shiba Inu had negated most of the losses from the previous week.

However, Shiba Inu bulls failed to sustain Tuesday’s upside momentum. Between Wednesday and Sunday, what followed was range-bound trading, with volumes declining significantly over the weekend.

Shiba Inu has started the new week bearish after bears started taking control on Sunday.  When going to press, SHIB bears were gaining momentum.

SHIB/USD daily chart 011722

Source: TradingView

A glance at the week ahead

The key levels to watch today are the 61.8% Fibonacci resistance at $0.00003857 and the 78.6% Fibonacci support at $0.00002515.

If bulls take control and push Shiba Inu through the 61.8% Fibonacci resistance at $0.00003204, the 50.0% Fibonacci resistance at $0.00004804 would come into play. If the 50.0% Fibonacci resistance is broken, prices above $0.00005191 could be tested within the week. 

However, if the 78.6% Fibonacci support at $0.00002515 is broken, prices below $0.00001844 could be hit within the week.

On the other hand, if volumes drop, Shiba Inu could trade between the 61.8% Fibonacci resistance at $0.00003857 and the 78.6% Fibonacci support at $0.00002515.

A glance at the technicals

Key resistance: 61.8% Fibonacci at $0.00003857

Key support: 78.6% Fibonacci at $0.00002515

Solana

Solana had mixed performance last week, and by the end of the week, was trading pretty much where it had started.

Solana started bullish last week after bouncing off the 50.0% Fibonacci support at $139.41 in early Monday trading.

Bullish momentum increased on Tuesday, and by the end of the day, had negated most of the losses from the previous week. 

However, this upside momentum was short-lived, and on Wednesday, bears took control.  Bears retained control for the rest of the week, albeit with declining volumes. By the end of the week, Solana was close to the 50.0% Fibonacci support at $139.41.

Solana has started the new week bearish and with high volumes.  When going to press, Solana was close to testing the 50.0% Fibonacci support at $139.41.

SOL/USD daily chart 011722

Source: TradingView

A glance at the week ahead

The key levels to watch are the 38.2% Fibonacci resistance at $168.08 and the 50.0% Fibonacci support at $139.41.

If bulls take control and push Solana through the 38.2% Fibonacci resistance at $168.08, the 23.6% Fibonacci resistance at $202.94 would come into play. If it’s broken, prices above $223 could be tested in the week.

However, if the 50.0% Fibonacci support at $139.41 is broken, the 61.8% Fibonacci support at $110.73 would come into play. If the 61.8% Fib support is broken, prices below $107 could be tested in the week.

On the other hand, if volumes drop, Solana could trade between the 38.2% Fibonacci resistance at $168.08, and the 50.0% Fibonacci support at $139.41.

A glance at the technicals

Key resistance: 38.2% Fibonacci at $168.08

Key support: 50.0% Fibonacci at $139.41