Dogecoin, Shiba Inu & Solana Technical Analysis – January 28, 2022

Crypto majors directionless as trading volumes drop 

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Last Updated January 28th 2022
5 Min Read
  • Dogecoin bulls are putting pressure on key resistance but yet to break it.
  • Shiba Inu is yet to find direction as volumes drop. 
  • Solana bulls are losing momentum, but overall volumes are low. 

Dogecoin 

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

Dogecoin started Thursday trading bearish after a bullish pullback in late Wednesday failed. 

What followed was a correction that saw Dogecoin test the multi-week support $0.1391 within the first hour of the day. 

However, the multi-week support at $0.1391 proved quite strong, and a bullish reversal followed. 

The bullish momentum was quite strong, and by early afternoon, bulls had pushed Dogecoin through the 61.8% Fibonacci resistance at $0.1423. 

However, with the broader market turning bearish, Dogecoin bulls lost momentum slightly above the 61.8% Fibonacci resistance.

What followed was a correction that saw Dogecoin retest and briefly push through the multi-week support at $0.1391 towards the end of the day. 

Bears couldn’t sustain momentum, though, and a reversal followed in the last three hours of the day.

By the last hour of the day, Dogecoin had retested the 61.8% Fibonacci resistance at $0.1423.

Dogecoin started Friday trading bearish after bulls lacked the momentum to push through the 61.8% Fib resistance in late Thursday trading. 

Within the first hour of the day, bears had pushed Dogecoin through the multi-week support at $0.1391. 

Bears could break the multi-week support, though, and a bullish reversal followed. When going to press, Dogecoin bulls tested the 61.8% Fib resistance at $0.1423 but were yet to break it.

DOGE/USD 1-hour chart 012822

Source: TradingView

A glance at the day ahead

The key levels to watch are the 61.8% resistance at $0.1423 and the multi-week support at $0.1391.

If bulls take control and push Dogecoin through the 61.8% Fibonacci resistance at $0.1423; 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 easily be tested within the day. 

However, if bears take the market and drive Dogecoin through the multi-week support at $0.1391, prices below $0.133 could be tested in 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 $0.1423

Key support: Multi-week support at $0.1391

Shiba Inu 

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

Shiba Inu started Thursday trading with a long bearish candle after bullish momentum declined late Wednesday trading.

However, within the first hour of the day, Shiba Inu bears hit strong support at $0.00002023 on the 23.6% Fibonacci support. 

At such a critical support level, Bearish failure saw bulls take control for most of the morning, albeit with low volumes.

However, buying volumes dropped in the afternoon, and bears started to retake control. Bears were not that strong either, and for the rest of the day, SHIB was pretty much directionless. 

Shiba Inu started Friday trading directionless, continuing the price action from late Thursday trading. 

When going to press, volumes declined, and Shiba Inu was yet to find direction. 

SHIB/USD 1-hour chart 012822

Source: TradingView

A glance at the day ahead

The key levels to watch today are the 38.2% Fibonacci resistance at $0.00002221and the 23.6% Fibonacci support at $0.00002023.

If bulls take control and push Shiba Inu through the 38.2% Fibonacci resistance at $0.00002221, the 50.0% Fibonacci resistance at $0.00002379 would be the next major resistance. If it’s broken, prices above $0.00002480 could be seen in the day.  

However, if the 23.6% support at $0.00002023 is broken, prices below $0.00001940 could be possible in the day. 

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 $0.00002221

Key support: 23.6% Fibonacci at $0.00002023

Solana

Solana was directionless for the better part of Thursday but still closed the day lower by less than a percentage. 

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

However, the bearish momentum was short-lived. Two hours into the day bears lost momentum at $87.47 on the weekly support level. 

Bulls took control from that point on until the early afternoon when they lost momentum. What followed was a correction that saw Solana retest the weekly support at $87.47 towards the end of the day.  

The weekly support proved to be quite strong, and a bullish pullback followed in the last two hours of the day. 

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

When going to press, bulls were still in control but were losing momentum. 

SOL/USD 1-hour chart 012822

Source: TradingView

A glance at the day ahead

The major levels to watch today 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 be within reach. If the 38.2% Fib resistance is broken, prices above $110 could easily be tested within the day. 

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

If volumes drop, Solana could trade between the 23.6% Fibonacci resistance at $96.57 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 $88.47