Dogecoin, Shiba Inu, & Solana Technical Analysis – January 20, 2022

Crypto majors yet to find direction as range-bound trading persists in the week

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Last Updated January 20th 2022
5 Min Read
  • Dogecoin is range-bound with no clear signs of a major breakout soon.
  • Shiba Inu is stuck in a range for the second day in a row.
  • Solana is yet to find a clear direction as range-bound trading continues.

Dogecoin

Dogecoin was range-bound for the better part of Wednesday. By the end of the day, it was trading pretty much where it had started.

Dogecoin started Wednesday trading bullish but quickly hit strong resistance at $0.1674 on the 61.8% Fibonacci resistance.

Bulls could not push Dogecoin through this resistance, but bears were not that strong either. What followed was range-bound trading just below the 61.8% Fibonacci until daybreak.

It is at this point that bears attempted to take control. However, they too didn’t have much momentum, and just an hour later, bears hit strong intra-day support at $0.1615.

A bounce off this support followed that saw Dogecoin retest the 61.8% Fibonacci resistance by early afternoon.

However, bulls didn’t have momentum either, and Dogecoin bears took back control, pushing Dogecoin back to the intra-day support just three hours to the end of the day. That’s when bears lost control, and Dogecoin traded along the intra-day support until the end of the day.

Dogecoin started Thursday trading with a bounce off the intra-day support and gained all morning, albeit with low volumes.

Dogecoin bulls were still in control when going to press, but Dogecoin had yet to retest the 61.8% Fibonacci resistance at $0.1674.

DOGE/USD daily chart 0112022

Source: TradingView

A glance at the day ahead

The key levels to watch are the 61.8% Fibonacci resistance at $0.1674 and the intra-day support at $0.1615.

If bulls take control and push Dogecoin through the 61.8% Fibonacci resistance at $0.1674, 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 $0.185 could be seen in the day.

However, if bears take control and push Dogecoin through the intra-day support at $0.1615, prices below $0.157 could be tested in the day. 

On the other hand, if volumes drop, Dogecoin could trade between the 61.8% Fibonacci resistance at $0.1674 and the intra-day support at $0.1615.

A glance at the technicals

Key resistance: 61.8% Fibonacci at $0.1674

Key support: Intra-day support at $0.1615

Shiba Inu

Shiba Inu was range-bound for the better part of Thursday but still ended the day lower by about 1%.

Shiba Inu started Wednesday trading bearish after bulls lost momentum at $0.00002827 on the 61.8% Fibonacci resistance in late Tuesday trading.

However, just two hours into the day bears made a second attempt at the 61.8% Fibonacci resistance but failed.

A bearish correction followed that saw Shiba Inu come close to testing the 78.6% Fibonacci support at $0.00002702 by daybreak.

The move by bears was strongly rejected, though, and bulls retook control of the market. By early afternoon, Shiba Inu came close to retesting the 61.8% Fibonacci resistance at $0.00002827.

The bulls lost momentum for the second time in the day. A correction followed that saw Shiba Inu come close to retesting the 78.6% Fibonacci support for the second time in the day.

Shiba Inu started Thursday trading bullish after bears lost momentum just above 78.6% Fibonacci support.

Shiba Inu remained in the green all morning. When going to press, bulls were still in control, but they were losing momentum.

SHIB/USD daily chart 012022

Source: TradingView

A glance at the day ahead

The key levels to watch today are the 61.8% Fibonacci resistance at $0.00002827 and the 78.6% Fibonacci support at $0.00002702.

If bulls take control and push Shiba Inu, through the 61.8% Fibonacci resistance at $0.00002827, the 50.0% Fibonacci resistance at $0.00002914 would come into play. If the 50.0% Fibonacci resistance is broken, prices above $0.00002960 could be hit within the day. 

However, if the 78.6% Fibonacci support at $0.00002702 is broken, prices below $0.00002669 could be tested in the day.

On the other hand, if volumes drop, Shiba Inu could trade between the 61.8% Fibonacci resistance at $0.00002827 and the 78.6% Fibonacci support at $0.00002702.

A glance at the technicals

Key resistance: 61.8% Fibonacci at $0.00002827

Key support: 78.6% Fibonacci at $0.00002702

Solana

Solana was bearish for the better part of Wednesday. By the end of the day, SOL was down by 2%.

Solana started Wednesday trading bearish after bulls lost momentum in late Tuesday trading.

The correction was quite heavy, and by daybreak, Solana had pushed through the 78.6% Fibonacci support, and with high volumes.

However, bears lost momentum shortly after, and Solana eased back through the 78.6% Fibonacci support.

Bulls remained in control until early afternoon, when they lost momentum. What followed was a correction back to the 78.6% Fibonacci four hours to the end of the day.

Bears lost momentum at this level, and Solana traded in a range above the 78.6% Fibonacci support until the end of the day.

Solana started Thursday trading range-bound above the 78.6% Fibonacci support, continuing its Wednesday price action.

However, at daybreak, bulls attempted to take control. Bulls were still in control when going to press, but their momentum was weakening.

SOL/USD daily chart 012022

Source: TradingView

A glance at the day ahead

The key levels to watch are the 61.8% Fibonacci resistance at $140.38 and the 78.6% Fibonacci support at $135.65.

If bulls take control and push Solana, through the 61.8% Fibonacci resistance at $140.38, the 50.0% Fibonacci resistance at $143.78 would come into play. If it’s broken, prices above $151 could be hit within the day.

However, if bears push Shiba Inu through the 78.6% Fibonacci support at $135.65, prices below $130 could be hit in the day.

On the other hand, if volumes drop, Solana could trade between the 61.8% Fibonacci resistance at $140.38 and the 78.6% Fibonacci support at $135.65.

A glance at the technicals

Key resistance: 61.8% Fibonacci at $140.38

Key support: 78.6% Fibonacci at $135.65