Dogecoin, Shiba Inu & Solana Technical Analysis – January 21, 2022

Bulls fighting to regain control but the market is overall bearish

By
Last Updated January 21st 2022
5 Min Read
  • Dogecoin in the red as bears retain control in the broader market.
  • Shiba Inu bears but bulls fighting to regain control at the $0.00002533 monthly support level.
  • Solana bulls fighting to regain control after Thursday’s selloff.

Dogecoin

Dogecoin was range-bound for the better part of Thursday but turned bearish towards the end of the day. It closed the day lower by 7.2%.

Dogecoin started Tuesday trading range-bound between the 61.8% Fibonacci resistance at $0.1675 and the intra-day support at $0.1615.

It oscillated between these two levels until midday when bulls attempted to take control and push Dogecoin through the 61.8% Fibonacci resistance.

The move was strongly rejected, and with the broader market turning bearish, Dogecoin breached the intra-day support at $0.1615.

What followed was a crash that saw Dogecoin test the 78.6% Fibonacci support at $0.1546 by the end of the day.

Dogecoin started Friday trading bearish, a continuation of the selloff that started on Thursday.

When going to press, Dogecoin bears were still in control, and the selloff was accelerating.

DOGE/USD daily chart 0112122

Source: TradingView

A glance at the day ahead

The key levels to watch are the 78.6% Fibonacci resistance at $0.1546 and the day’s low of $0.1482.

If bulls take control and push Dogecoin through the 78.6% Fibonacci resistance at $0.1546, the next key level to watch would be the 61.8% Fibonacci resistance at $0.1675. If the 61.8% Fib

resistance is broken, prices above $0.175 could be tested in the day.

However, if bears take control and push Dogecoin through the day’s low of $0.1482, then prices below $0.135 could be seen in the day. 

On the other hand, if volumes drop, Dogecoin could trade between the 78.6% Fibonacci resistance at $0.1546 and the day’s low of $0.1482.

A glance at the technicals

Key resistance: 78.6% Fibonacci at $0.1546

Key support: Day’s low of $0.1482

Shiba Inu

Shiba Inu was range-bound in the first half of Thursday, but turned strongly bearish for the rest of the day. SHIB closed the day lower by 6.2%.

Shiba Inu started Tuesday trading range-bound between the 61.8% Fibonacci resistance at $0.00002822 and the 78.6% Fibonacci support at $0.00002695.

SHIB oscillated between these two levels until midday. That’s when bulls attempted to take control and push Shiba Inu through the 61.8% Fibonacci resistance.

The move was strongly rejected, and with the broader market turning bearish, Shiba Inu breached the 78.6% Fibonacci support at $0.00002695.

What followed was a crash that saw Shiba Inu come close to testing the $0.00002533 monthly support by the end of the day.

Shiba Inu started Friday trading bearish, a continuation of the selloff that started on Thursday.

When going to press, Shiba Inu was trading at the $0.000002533 monthly support, but bulls appeared to be retaking control. 

SHIB/USD daily chart 012122

Source: TradingView

A glance at the day ahead

The key levels to watch today are the 78.6% Fibonacci resistance at $0.00002695 and the monthly support at $0.00002533.

If bulls take control and push Shiba Inu, through the 78.6% Fibonacci resistance at $0.00002695, the 61.8% Fibonacci resistance at $0.00002822 would come into focus. If the 61.8% Fibonacci resistance is broken, prices above $0.00002901 could be tested within the day. 

However, if the monthly support at $0.00002533 is broken, prices below $0.00002499 could be seen in the day.

On the other hand, if volumes drop, Shiba Inu could trade between the 78.6% Fibonacci resistance at $0.00002695 and the multi-month support at $0.00002533.

A glance at the technicals

Key resistance: 78.6% Fibonacci at $0.00002695

Key support: Monthly support at $0.00002533

Solana

Solana was range-bound all through Thursday morning, but turned bearish in the afternoon, and for the rest of the day. SOL closed the day lower by 7.8%.

Solana started Thursday trading range-bound between the 61.8% Fibonacci resistance at $140.56 and the 78.6% Fibonacci support at $135.87.

Solana oscillated between these two levels until midday when bulls attempted to take control. Bulls managed to push Solana through the 61.8% Fibonacci resistance at $140.56 and even briefly tested the 50.0% Fibonacci resistance at $143.87.

Bulls were strongly rejected at the 50.0% Fibonacci resistance, and with the broader market turning bearish, Solana breached the 78.6% Fibonacci support at $135.87.

What followed was a crash that saw Solana breach the $129.87 monthly support by the end of the day.

Solana started Friday trading bearish, a continuation of the selloff that started on Thursday.

When going to press, Solana bears were still in control, but bulls were fighting to regain control.

SOL/USD daily chart 012122

Source: TradingView

A glance at the day ahead

The key levels to watch are the intra-day resistance at $129.87 and the intra-day low of $120.83.

If bulls take control and push Solana, through the intra-day resistance at $129.87, the 78.6% Fibonacci resistance at $135.87 would come into focus. If it’s broken, prices above $140 could be tested in the day.

However, if bears push Solana through the intra-day low at $120.83, prices below $180 could be hit in the day.

On the other hand, if volumes drop, Solana could trade between the intra-day resistance at $129.87 and the intra-day low of at $120.83.

A glance at the technicals

Key resistance: Intra-day resistance at $129.87

Key support: Intra-day low of $120.83