Dogecoin, Shiba Inu, & Solana Technical Analysis – January 19, 2022

Key support levels are under pressure as bears take control

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Last Updated January 19th 2022
5 Min Read
  • Dogecoin range-bound between the 61.8% Fibonacci resistance at $0.1673 and the multi-week support at $0.1617.
  • Shiba Inu bears in control after pushing through multi-week support at $0.00002742.
  • Solana bears in control after pushing SOL through the 78.6% Fibonacci support at $135.67.

Dogecoin

Dogecoin was directionless for the better part of Tuesday. By the end of the day, it was down by 2.5%.

Dogecoin started Tuesday trading bearish, after bulls lost momentum in late Monday trading.  Bears were in control for most of the morning, but just before daybreak, DOGE hit strong support at $0.1673 on the 61.8% Fibonacci support. This resistance proved to be quite strong, and Dogecoin bounced off it at daybreak.

However, bulls were not that strong either, and in just two hours, they had lost momentum. What followed was a correction that saw Dogecoin ease through the 61.8% Fibonacci support at $0.1673.  Bears were in control until early afternoon when Dogecoin hit multi-week support at $0.1617.

Without much support from the broader market, Dogecoin bears could not push through the multi-week support. What followed was range-bound trading that lasted until the early evening.

It is at this point that the bulls attempted to retake control. However, volumes were low, and two hours towards the end of the day, Dogecoin hit strong resistance at $0.1673 on the 61.8% Fibonacci resistance.

Dogecoin started Wednesday trading bearish after bulls lost momentum at the 61.8% Fibonacci resistance in the last few hours of Tuesday trading.

However, two hours into the day bears lost momentum, and a bullish reversal followed. The 61.8% Fibonacci resistance proved too strong for bulls, though, and Dogecoin traded just below the 61.8% Fibonacci resistance for the better part of the morning.

When going to press, bears were starting to take control and had pushed DOGE back to the multi-week support at $0.1617.

DOGE/USD daily chart 01122

Source: TradingView

A glance at the day ahead

The key levels to watch are the 61.8% Fibonacci resistance at $0.1673 and the multi-week support at $0.1617.

If bulls take control and push Dogecoin through the 61.8% Fibonacci resistance at $0.1673, the next key level to watch would be the 50.0% Fibonacci resistance at $0.1764. If the 50.0% Fib resistance is broken, prices above $0.19 could be tested in the day.

However, if bears take control and push Dogecoin through the multi-week support at $0.1617, prices below $0.155 could be tested in the day. 

On the other hand, if volumes drop, Dogecoin could trade between the 61.8% Fibonacci resistance at $0.1673 and the multi-week support at $0.1617.

A glance at the technicals

Key resistance: 61.8% Fibonacci at $0.1673

Key support: Multi-week support at $0.1617

Shiba Inu

Shiba Inu was bearish for the better part of Tuesday. By the end of the day, it was down by 4.3%.

Shiba Inu started Tuesday trading bearish after bulls lost momentum at the 50.0% Fibonacci resistance at $0.00002914.

Bears were quite strong, and by mid-morning, they had pushed SHIB through the 61.8% Fibonacci support at $0.00002827 and with high volumes.  However, after this heavy correction, Shiba Inu hit strong multi-week support at $0.00002742.

Shiba Inu traded in a range above this support for the rest of the day when it hit strong resistance at $0.00002827 on the 61.8% Fibonacci, now resistance.

Shiba Inu started Tuesday trading bearish after bulls lost momentum at the 61.8% Fibonacci resistance in late Tuesday trading.

Bears have been in control since then, and when going to press, SHIB had pushed through the multi-week support at $0.00002742.

SHIB/USD daily chart 011922

Source: TradingView

A glance at the day ahead

The key levels to watch today are the 61.8% Fibonacci resistance at $0.00002825 and the 78.6% Fibonacci support at $0.00002701.

If bulls take control and push Shiba Inu, through the 61.8% Fibonacci resistance at $0.00002825, the 50.0% Fibonacci resistance at $0.00002914 would come into focus. If the 50.0% Fibonacci resistance is broken, prices above $0.00002961 could be tested in the day. 

However, if the 78.6% Fibonacci support at $0.00002701 is broken, prices below $0.00002669 could be tested within the day.

On the other hand, if volumes drop, Shiba Inu could trade between the 61.8% Fibonacci resistance at $0.00002825 and the 78.6% Fibonacci support at $0.00002701.

A glance at the technicals

Key resistance: 61.8% Fibonacci at $0.00002825

Key support: 78.6% Fibonacci at $0.00002701

Solana

Solana had a mixed day on Tuesday but still closed the day higher by 1%.

Solana started Tuesday trading bearish after bulls lost momentum at the 61.8% Fibonacci resistance at $140.41.

Bears were in control until early afternoon when Solana hit strong support at the 78.6% Fibonacci at $135.67.

Solana bounced off this support and was in the green for the rest of the day. By the last hour of the day, Solana had pushed through the 61.8% Fibonacci resistance at $140.41.

Solana started Wednesday trading bearish after bulls lost momentum above the 61.8% Fibonacci resistance at $140.41.

Bears were quite strong, and by mid-morning, Dogecoin had pushed through the 78.6% Fibonacci support at $135.67. When going to press, Solana’s selloff was accelerating.

SOL/USD daily chart 011922

Source: TradingView

A glance at the day ahead

The key levels to watch are the 61.8% Fibonacci resistance at $140.41 and the 78.6% Fibonacci support at $135.67.

If bulls take control and push Solana, through the 61.8% Fibonacci resistance at $140.71, the 50.0% Fibonacci resistance at $143.78 would come into focus. If it’s broken, prices above $151

could be tested in the day.

However, if bears sustain momentum below the 78.6% Fibonacci support at $135.67, prices below $130 could be seen in the day.

On the other hand, if volumes drop, Solana could trade between the 61.8% Fibonacci resistance at $140.41 and the 78.6% Fibonacci support at $135.67.

A glance at the technicals

Key resistance: 61.8% Fibonacci at $140.41

Key support: 78.6% Fibonacci at $135.67