Dogecoin, Shiba Inu, & Solana Technical Analysis – January 27, 2022

Cryptos bounce off key support levels, but no bullish reversal yet

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Last Updated January 27th 2022
5 Min Read
  • Dogecoin is yet to find a clear direction as volumes drop at key support. 
  • Shiba Inu bulls take control at a key support level, but volumes are low.
  • Solana bulls attempt to retake control at key support, but volumes are still low. 

Dogecoin

Dogecoin had a mixed day on Wednesday and closed the day pretty much where it had started. 

Dogecoin started Wednesday trading bullish after it pushed through the 61.8% Fibonacci resistance at $0.1422 in the first hour of the day. 

However, volumes were low, and just before daybreak, bears regained control. What followed was a correction that saw Dogecoin retest the 61.8% Fibonacci, then support, at daybreak. 

With the broader market turning bullish, Dogecoin bounced off the 61.8% Fibonacci and with high volumes. 

Bulls remained in control until mid-morning when Dogecoin hit the 50.0% Fibonacci resistance at $0.1494. 

Bulls attempted to push Dogecoin through the 50.0% Fibonacci resistance but failed. A correction that saw Dogecoin crash for most of the day followed. 

Just three hours to the end of the day, Dogecoin hit strong support at $0.1422 on the 61.8% Fibonacci. This support was pretty strong and saw Dogecoin close the day in the green. 

Dogecoin started Thursday trading bullish, a continuation of the bullish reversal that had started in late Wednesday trading. However, upside momentum was short-lived, and bears retook control.

Just two hours into the day, bears had pushed Dogecoin through the 61.8% Fibonacci support and tested the multi-week support at $0.1391.

When going to press, Dogecoin was oscillating between the 61.8% Fibonacci, now resistance at $0.1422, and the multi-week support at $0.1391. 

DOGE/USD 1-hour chart 012722

Source: TradingView

A glance at the day ahead

The key levels to watch are the 61.8% resistance at $0.1422 and the multi-week support at $0.1391.

If bulls take control and push Dogecoin through the 61.8% Fibonacci resistance at $0.1422; the next key level to watch would be the 50.0% Fibonacci resistance at $0.1494. If the 50.0% Fib resistance is broken, prices above $0.155 could be seen in the day. 

However, if bears take control and push Dogecoin through the multi-week support at $0.1391, prices below $0.133 could be hit within the day.  

On the other hand, if volumes drop, Dogecoin could trade between the 61.8% Fibonacci resistance at $0.1422 and the multi-week support at $0.1391.

A glance at the technicals

Key resistance: 61.8% Fibonacci at $0.1422

Key support: Multi-week support at $0.1391

Shiba Inu

Shiba Inu had a mixed day on Wednesday and ended the day pretty much where it had started. 

Shiba Inu started Wednesday bullish after bouncing off the 23.6% Fibonacci support at $0.00002020 on Tuesday. 

Bulls remained in control until early afternoon when Shiba Inu hit strong resistance at $0.00002218 on the 38.2% Fibonacci.

Bulls attempted to push through the 38.2% Fib resistance, but they lost momentum with the broader market turning bearish.

What followed was a correction that saw Shiba Inu come close to retesting the 23.6% Fib support at $0.00002020 towards the end of the day.

However, bears lost momentum, and Shiba Inu turned bullish for the last two hours of the day. 

Shiba Inu started Thursday trading bullish, continuing the uptrend that started towards the end of the day Wednesday.

However, volumes were low, and bears quickly pushed Shiba Inu to the 23.6% Fibonacci support at $0.00002020.

Bears were unable to push Shiba Inu through the 23.6% Fibonacci support though. This saw bulls attempt to take control and have been in control throughout the morning. 

Shiba Inu bulls were in control when going to press, albeit with low volumes. 

SHIB/USD 1-hour chart 012722

Source: TradingView

A glance at the day ahead

The key levels to watch today are the 38.2% Fibonacci resistance at $0.00002218 and the 23.6% Fibonacci support at $0.00002020.

If bulls take control and push Shiba Inu through the 38.2% Fibonacci resistance at $0.00002218, the 50.0% Fibonacci resistance at $0.00002379 would come into focus. If it’s broken, prices above $0.00002480 could be hit within the day.  

However, if the 23.6% support at $0.00002020 is broken, prices below $0.00001940 could be hit in the day. 

On the other hand, if volumes drop, Shiba Inu could trade between the 38.2% Fibonacci resistance at $0.00002218 and the 23.6% support at $0.00002020. 

A glance at the technicals

Key resistance: 38.2% Fibonacci at $0.00002218

Key support: 23.6% Fibonacci at $0.00002020

Solana 

Solana was directionless for the better part of Wednesday and closed the day pretty much where it had started. 

Solana started Wednesday trading bullish after it hit strong intra-day resistance in late Tuesday trading.  

Bulls were firmly in control and, by mid-morning, pushed Solana through the 23.6% Fibonacci resistance at $96.57.

However, with the broader market turning bearish, bulls lost momentum in the early afternoon. 

What followed was a correction that lasted for the rest of the day. Only in the last two hours of the day did bulls attempt to retake market control, albeit with low volumes.

Solana started Thursday trading bullish, a continuation of the momentum that had started in late Wednesday trading. 

However, with volumes low, Solana bulls quickly lost control. What followed was a selloff that saw Solana test the multi-week support at $87.47 just before daybreak. 

The $87.47 support proved to be quite strong, though, and bulls retook control of the market. Bulls were in control when going to press, albeit with low volumes. 

SOL/USD 1-hour chart 012722

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 play. If it's broken, prices above $110 could easily be seen within the day. 

However, if bears push Solana through the multi-week support at $88.47, prices below $78.4 could be a possibility in the day. 

On the other hand, if volumes drop, Solana could trade between the 23.6% Fibonacci resistance at $96.57 and the multi-week support at $88.47.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $96.57

Key support: Multi-week support at $87.47