Dogecoin, Shiba Inu & Solana Technical Analysis – January 26, 2022

Key resistance levels at play as bulls attempt to retake the market

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Last Updated January 26th 2022
5 Min Read
  • Dogecoin bulls need to push through the 50.0% Fib resistance at $0.15 for an uptrend to be confirmed.
  • Shiba Inu bulls are in control but need to break 38.2% Fibonacci resistance at $0.00002227 for an uptrend to be confirmed.
  • Solana bulls are struggling at $96.57 on the 23.6% Fibonacci resistance. If they fail, it could be a bearish day for SOL.

Dogecoin

Dogecoin was bullish for the better part of Tuesday. By the end of the day, it was up by 8.3%.

Dogecoin started Tuesday trading bearish, a continuation of the selloff off that had started in late Monday trading.

However, bearish momentum was short-lived, and by daybreak, Dogecoin hit strong support at $0.1328 on the 78.6% Fibonacci.

Dogecoin bounced off this support with high volumes, and bulls took control for the better part of the day.

The bullish momentum was so strong that Dogecoin pushed through two key resistance levels: the intraday resistance at $0.1391 and the 61.8% Fibonacci at $0.1429.

However, bulls lost momentum just above the 61.8% Fibonacci resistance early evening.

Bears attempted to take control and pull Dogecoin back through the 61.8% Fibonacci at $0.1429. They didn't have much momentum, though, and two hours to the end of the day, Dogecoin bulls retook control.

Dogecoin was trading at the 61.8% Fibonacci resistance by the end of the day.

Dogecoin started Wednesday trading bullish and, within the first two hours of the day, had pushed through the 61.8% Fibonacci resistance at $0.1429.

Bulls were still in control when going to press, but volumes were low.

DOGE/USD daily chart 0112622

Source: TradingView

A glance at the day ahead

The key levels to watch are the 50.0% resistance at $0.150 and the 61.8% Fibonacci support at $0.1429.

If bulls take control and push Dogecoin through the 50.0% resistance at $0.150; the next key level to watch would be the 38.2% Fibonacci resistance at $0.1572. If the 38.2% Fib resistance is broken, prices above $0.16 could be tested within the day.

However, if bears take control and push Dogecoin through the 61.8% Fibonacci support at $0.1429, prices below $0.137 could be tested in the day. 

On the other hand, if volumes drop, Dogecoin could trade between the 50.0% Fibonacci resistance at $0.150 and the 61.8% Fibonacci at $0.1429.

A glance at the technicals

Key resistance: 50.0% Fibonacci at $0.15

Key support: 61.8% Fibonacci at $0.1429

Shiba Inu

Shiba Inu was range-bound for the better part of Tuesday. By the end of the day, it was down by less than a percentage.

Shiba Inu started Tuesday trading bearish, a continuation of the downside momentum that had started in late Monday trading.

However, bearish momentum was short-lived, and just two hours into the day, Shiba Inu hit strong support at $0.00002029 on the 23.6% Fibonacci.

Shiba Inu traded at the 23.6% Fibonacci support until daybreak when bulls attempted to take control.

Volumes were low, though, and bulls had lost momentum by mid-morning.

What followed was range-bound trading until late afternoon. That's when bulls attempted to take control for the second time in the day.

However, this was short-lived, and by early evening, bears took control. Bears were in control until three hours to the end of the day when SHIB came close to retesting the 23.6% Fibonacci support at $0.00002029.

At this point, bulls took control and remained in control until the last hour of the day.

Shiba Inu started Wednesday trading bullish, continuing the buying momentum that started in late Tuesday trading.

When going to press, bulls were still in control, but volumes declined.

SHIB/USD daily chart 012622

Source: TradingView

A glance at the day ahead

The key levels to watch today are the 38.2% Fibonacci resistance at $0.00002227 and the 23.6% Fibonacci support at $0.00002029.

If bulls take control and push Shiba Inu through the 38.2% Fibonacci resistance at $0.00002227, the 50.0% Fibonacci resistance at $0.00002386 would be within reach. If the 50.0% Fibonacci resistance gives way; prices above $0.00002481 could be a possibility in the day. 

However, if the 23.6% support at $0.00002029 is broken, prices below $0.00001946 could be tested in the course of the day.

On the other hand, if volumes drop, Shiba Inu could trade between the 38.2% Fibonacci resistance at $0.00002227 and the 23.6% support at $0.00002029.

A glance at the technicals

Key resistance: 38.2% Fibonacci at $0.00002227

Key support: 23.6% Fibonacci at $0.00002029

Solana

Solana was bullish for the better part of Tuesday. Solana was up by about 8.7% by the end of the day.

Solana started Tuesday trading bearish, a continuation of the selloff that had started in late Monday trading.

However, just two hours into the day bears lost momentum at the $87.47 weekly support.

What followed was a bullish rally that started at daybreak and lasted until early evening when Solana hit the 23.6% Fibonacci resistance at $96.57.

Solana briefly pushed through the 23.6% Fibonacci resistance but lost momentum. Bears attempted to retake control, but two hours to the end of the day, they too lost momentum. Bulls were regaining control by the end of the day, albeit with low volumes.

Solana was range-bound in early Wednesday trading. Just before daybreak, Solana bulls attempted to retake control but lost momentum at $96.57 on the 23.6% Fibonacci resistance.

Solana bulls were struggling at the 23.6% Fibonacci resistance when going to press.

SOL/USD daily chart 012622

Source: TradingView

A glance at the day ahead

The key levels to watch are the 23.6% resistance at $96.57 and the weekly support at $88.47.

If bulls take control and push Solana through the 23.6% Fibonacci resistance at $96.57, the 38.2% Fibonacci resistance at $106.45 would come into focus. 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 $96.57

Key support: Weekly support at $87.47