Dogecoin, Shiba Inu, & Solana Technical Analysis – January 25, 2022

Selling volumes drying up at key support levels. A bullish reversal could be underway.

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Last Updated January 25th 2022
5 Min Read
  • Dogecoin bears losing momentum at $0.1329 on the 78.6% Fibonacci support.
  • Shiba Inu bears putting pressure on the 23.6% Fib support at $0.00002028 but are yet to breach it. 
  • Solana bears losing momentum at the $88.47 weekly support. 

Dogecoin

Dogecoin had a mixed day on Monday but still closed the day lower by about 2.1%. 

Dogecoin started Monday trading bearish after bulls lost momentum at the 61.8% Fibonacci resistance at $0.1430 in late Sunday trading.

Bears remained in control for the better part of the morning, and by daybreak, Dogecoin had pushed through the 78.6% Fibonacci support at $0.1329.

However, by mid-morning, Dogecoin hit strong support at $0.1265, a key weekly support level. 

With the weekly $0.1265 support proving too strong for bears, bulls took control of the market. 

Bulls managed to push Dogecoin through the 78.6% Fibonacci, then resistance, and with high volumes. 

However, towards the end of the end, bulls hit strong intraday resistance at $0.1391. What followed was a minor correction off the $0.1391 resistance for the last three hours of the day. 

Dogecoin started Tuesday trading bearish, continuing the correction that started towards the end of the day Monday. 

However, bearish volumes were low, and by daybreak, bears were losing momentum just above the 78.6% Fibonacci support at $0.1329. 

When going to press, selling volumes were drying up at the 78.6% Fibonacci support. 

DOGE/USD daily chart 0112522

Source: TradingView

A glance at the day ahead

The key levels to watch are the intra-day resistance at $0.1391 and the 78.6% Fibonacci support at $0.1329.

If bulls take control and push Dogecoin through the intra-day resistance at $0.1391, the next key level to watch would be the 61.8% Fibonacci resistance at $0.1429. If the 61.8% Fib resistance is broken, prices above $0.16 could be hit in the day. 

However, if bears take control and push Dogecoin through the 78.6% Fibonacci support at $0.1329, prices below $0.129 could be seen in the day.  

On the other hand, if volumes drop, Dogecoin could trade between the intra-day resistance at $0.1391 and the 78.6% Fibonacci at $0.1329.

A glance at the technicals 

Key resistance: Intra-day resistance at $0.1391

Key support: 78.6% Fibonacci at $0.1329

Shiba Inu 

Shiba Inu had a mixed day on Monday. Shiba Inu was down by 4.1% by the end of the day.

Shiba Inu started Monday trading bearish after bulls lost momentum at $0.00002226 on the 38.2% Fibonacci resistance in late Sunday trading.

Bears remained in control for the better part of the morning, and by daybreak, Shiba Inu had breached the 23.6% Fibonacci support at $0.000020223.  

However, by early afternoon, Shiba Inu hit strong support at $0.00001895, a key weekly support level. 

The weekly support was too strong for bears, and what followed was a bullish reversal for the rest of the day. 

Towards the end of the day, Shiba Inu retested the 38.2% Fibonacci resistance at $0.00002226. This resistance proved too strong for bulls, and a correction followed in the last two hours of the day. 

Shiba Inu started Tuesday trading bearish, continuing the correction that started towards the end of the day Monday. 

However, bearish volumes were low, and by daybreak, SHIB hit strong support at $0.00002028 on the 23.6% Fibonacci.

When going to press, Shiba Inu bears were still putting pressure on the 23.6% Fibonacci support but were yet to push SHIB through it. 

SHIB/USD daily chart 012522

Source: TradingView

A glance at the day ahead

The key levels to watch today are the 38.2% Fibonacci resistance at $0.00002226 and the 23.6% Fibonacci support at $0.00002028.

If bulls take control and push Shiba Inu through the 38.2% Fibonacci resistance at $0.00002226, the 50.0% Fibonacci resistance at $0.00002386 would come into focus. If the 50.0% Fibonacci resistance is broken; prices above $0.00002481 could be tested within the day.  

However, if the 23.6% support at $0.00002028 is broken, prices below $0.00001946 could be seen in the day.

On the other hand, if volumes drop, Shiba Inu could trade between the 38.2% Fibonacci resistance at $0.00002226 and the 23.6% support at $0.00002028. 

A glance at the technicals 

Key resistance: 38.2% Fibonacci at $0.00002226

Key support: 23.6% Fibonacci at $0.00002028

Solana

On Monday, Solana had a mixed day and closed the day lower by less than a percentage. 

Solana started Monday trading bearish, a continuation of the selloff that had started on Sunday.  

Within the first hour of the day, Solana had pushed through the 23.6% Fibonacci support at $96.59.

Bears remained in control for the better part of the morning until early afternoon, when SOL hit the multi-month support at $80.77. 

The $80.77 multi-month support proved quite strong for bears, and a reversal followed. Three hours to the end of the day, Solana tested the 23.6% Fibonacci, now resistance, resistance at $96.59. 

This resistance proved to be quite strong, though, and a correction followed for the remaining hours of the day. 

Solana started Tuesday trading bearish, continuing the correction that started towards the end of the day Monday. 

However, bearish volumes were low, and by daybreak, bears were losing momentum at $88.50, a key weekly support level. 

When going to press, selling volumes were drying up at the $88.50 weekly support. 

SOL/USD daily chart 012522

Source: TradingView

A glance at the day ahead

The key levels to watch are the 23.6% resistance at $96.59 and the weekly support at $88.47.

If bulls take control and push Solana through the 23.6% Fibonacci resistance at $96.59, the 38.2% Fibonacci resistance at $106.45 would come into play. If it's broken, prices above $111.40 could be tested in the day. 

However, if bears push Solana through the weekly support at $88.47, prices below $78.4 could be hit in the day. 

On the other hand, if volumes drop, Solana could trade between the 23.6% Fibonacci resistance at $96.59 and the weekly support at $88.47.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $96.59

Key support: Weekly support at $88.47