Dogecoin, Shiba Inu & Solana Technical Analysis – January 7, 2022

Crypto majors bounce off key support levels but buying volumes low

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Last Updated January 7th 2022
5 Min Read
  • Dogecoin bearish after breaking the 23.6% Fibonacci support at $0.154 in early Friday trading.
  • Shiba Inu strongly bearish after breaching key weekly support at $0.00002923.
  • Solana is bearish but needs to break the multi-month support at $134.56 for a longer-term bear-trend to be confirmed.

Dogecoin

Dogecoin was slightly bullish on Thursday. By the end of the day, it was up by about 1%.

Dogecoin started Thursday trading bearish, a continuation of the selloff that had started a day earlier.

However, just before daybreak, Dogecoin hit strong support at $0.154 on the 23.6% Fibonacci support.

It bounced off this support, and by mid-morning, it had hit strong resistance at $0.1583 on the 38.2% Fibonacci.

Without much volume, Dogecoin oscillated between the 23.6% Fibonacci support at $0.154, and the 38.2% Fibonacci resistance until early afternoon.

It is at this point that bulls gained momentum, and pushed Dogecoin through the 38.2% Fibonacci resistance at $0.1583.

What followed was a rally that saw Dogecoin test the 50.0% Fibonacci resistance at $0.1616 by early evening.

Volumes dropped at the 50.0% Fibonacci resistance, and by the end of the day, Dogecoin was turning bearish.

Dogecoin started Friday trading bearish after bulls lost momentum in late Thursday trading.

When going to press, Dogecoin had pushed through the 23.6% Fibonacci support at $0.154 and was close to testing the multi-month support at $0.1473.

DOGE/USD daily chart 010722

Source: TradingView

A glance at the day ahead

The key levels to watch are the 23.6% Fibonacci resistance at $0.154 and the multi-month support at $0.1473.

If bulls take control and push Dogecoin through the 23.6% Fibonacci resistance at $0.1589, the 38.2% Fibonacci resistance at $0.1583 would come into play. If it’s broken, prices above $0.1607 could be seen in the day.

However, if bears take control and push Dogecoin through the multi-month support at $0.1473, then prices below $0.1450 could be seen within the day. 

On the other hand, if volumes drop, Dogecoin could trade between the 23.6% Fibonacci resistance at $0.154 and the multi-month support at $0.1473.

A glance at the technical

Key resistance: 23.6% Fibonacci at $0.154

Key support: Multi-month support at $0.1473

Shiba Inu

Shiba Inu was bullish for most of Thursday. By the end of the day, it was up by 3%.

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

However, just before daybreak, Shiba Inu hit strong weekly support at $0.00002917.

Shiba Inu bounced off the weekly support, and at daybreak, hit strong resistance at $0.00003025 on the 23.6% Fibonacci resistance.

Without much volume, Shiba Inu got stuck in a range between the 23.6% Fibonacci resistance at $0.00003025 and the weekly support at $0.00002917.

Shiba Inu was range-bound until the afternoon when buying volumes shot up, and helped push SHIB through the 23.6% Fibonacci at $0.00003025.

What followed was a rally that saw Shiba Inu test the 38.2% Fibonacci resistance at $0.00003135 by early evening.

However, the 38.2% Fibonacci proved to be quite strong, and a correction followed. By the end of the day, Shiba Inu was bearish and was trending towards the 23.6% Fibonacci support at $0.00003025.

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

When going to press, Shiba Inu had pushed through the multi-week support at $0.0.00002923 and was close to testing the multi-month support at $0.00002845.

SHIB/USD daily chart 010722

Source: TradingView

A glance at the day ahead

The key levels to watch today are the intra-day resistance at $0.00002923 and the multi-month support at $0.00002845.

If bulls take control and push Shiba Inu through the intra-day resistance at $0.00002923, the 23.6%

Fibonacci resistance at $0.00003025 would come into play. If the 23.6%

Fibonacci resistance is broken, prices above $0.00003100 could be tested within the day.

However, if the multi-month support at $0.00002845 is broken, prices below $0.00002807 could be hit in the day.

On the other hand, if volumes drop, Shiba Inu could trade between the intra-day resistance at $0.00002923 and the multi-month support at $0.00002845. 

A glance at the technical

Key resistance: Weekly resistance at $0.00002923

Key support: Multi-month support at $0.00002845

Solana

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

Solana started Thursday trading bearish, a continuation of the selloff that had started earlier in the week.

However, by mid-morning, Solana bears lost momentum just above the 23.6% Fibonacci support at $144.97. 

Bulls took control from that point on, and by early evening, had pushed through the 38.2% Fibonacci resistance at $151.35. It bounced off this support, and by mid-morning, it had hit strong resistance at $0.1583 on the 38.2% Fibonacci.

However, bulls lost momentum just above the 38.2% Fibonacci resistance, and a selloff ensued.  By the end of the day, Solana had pulled back through the 38.2% Fibonacci support, and the selloff was accelerating.

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

When going to press, Solana had pushed through multiple support levels and was close to testing the multi-month support at $134.56.

SOL/USD daily chart 010722

Source: TradingView

A glance at the day ahead

The key levels to watch are the 23.6% Fibonacci resistance at $144.97 and the multi-month support at $134.56.

If bulls take control and push Solana through the 23.6% Fibonacci resistance, the 38.2% Fibonacci

resistance at $151.35 would come into focus. If it’s broken, prices above $155 could be seen in the day.

However, if the multi-month support at $134.56 is broken, prices below $131.95 could be seen in the day. 

On the other hand, if volumes are low, Solana could trade between the 23.6% Fibonacci resistance at $144.97 and the multi-month support at $134.56.

A glance at the technical

Key resistance: 23.6% Fibonacci at $144.97

Key support: Multi-month support at $134.56