Dogecoin, Shiba Inu, & Solana Weekly Technical Analysis – January 10, 2022

Crypto majors bounce off key support levels, but volumes are low.

By
Last Updated January 10th 2022
5 Min Read
  • Dogecoin holds above multi-month support, but volumes are too low to support a clear bullish reversal.
  • Shiba Inu bounces off a key multi-month support level, but volumes are too low to declare a bullish reversal.
  • After a strong bullish reversal, Solana bulls is gaining momentum off multi-month support on Saturday.

Dogecoin

Dogecoin was bearish all through last week. By the end of the week, it was down by 11%.

Dogecoin started last week bearish after a bullish pullback failed in the previous week.

Bearish momentum was weak on Monday and Tuesday but accelerated on Wednesday.

The Wednesday selloff was quite strong, and Dogecoin came close to testing the multi-month support at $0.1445.

However, the bearish move was rejected towards the end of the day Wednesday. What followed was a tussle between bulls and bears on Thursday.

With the overall market bearish, Dogecoin bears regained control on Friday. The selloff was quite strong, and on Saturday, Dogecoin tested the multi-month support at $0.1445.

Dogecoin bounced off this support, albeit with low volumes on Sunday, ending the day in a tie between bulls and bears.

Dogecoin has started the new week bullish after bouncing off the multi-month support level at $0.1445 on Sunday.

When going to press, Dogecoin bulls were in control, but volumes were extremely low.

DOGE/USD daily chart 011022

Source: TradingView

A glance at the week ahead

The key levels to watch are the multi-week resistance at $0.1755 and the multi-month support at $0.1445.

If bulls take control and push Dogecoin through the multi-week resistance at $0.1755, the 23.6%

Fibonacci resistance at $0.1904 would come into play. If it’s broken, prices above $0.21 could be seen in the week.

However, if bears take control and push Dogecoin through the multi-month support at $0.1445, then prices below $0.13 could be seen within the week. 

On the other hand, if volumes drop, Dogecoin could trade between the multi-week resistance at $0.1755 and the multi-month support at $0.1445.

A glance at the technicals

Key resistance: Multi-week resistance at $0.1755

Key support: Multi-month support at $0.1445

Shiba Inu

Shiba Inu was bearish all through last week. By the end of the week, it was down by 14.91%.

Shiba Inu started last week bearish after buying volumes dried up towards the end of the previous week. 

Bearish momentum was weak on Monday and Tuesday, but it accelerated on Wednesday.

The Wednesday selloff was quite strong, and Shiba Inu came close to testing the multi-month support at $0.00002731.

However, towards Wednesday's end of the day, the broader Market started turning bullish. What followed was a tussle between bulls and bears all through Thursday.

But, with the overall Market bearish, Shiba Inu bears regained control on Friday. The selloff was quite strong, and by the end of the day, Shiba Inu had tested the multi-month support at $0.00002731.

On Saturday, the selloff accelerated, and Shiba Inu bears briefly pushed SHIB through the $0.00002731 multi-month support. However, Shiba Inu bounced off the monthly support, albeit with low volumes on Sunday.

Shiba Inu has started the new week bullish after bouncing off the multi-month support level at $0.00002731 on Saturday. 

Shiba Inu bulls were still in control when going to press, but volumes were very low.

SHIB/USD daily chart 011022

Source: TradingView

A glance at the week ahead

The key levels to watch today are the weekly resistance at $0.00003480 and the multi-month support at $0.00002731.

If bulls take control and push Shiba Inu through the weekly resistance at $0.00003480, the 23.6% Fibonacci resistance at $0.00004119 would come into play. If the 23.6% Fibonacci resistance is broken, prices above $0.00004560 could be tested within the week.

However, if the multi-month support at $0.00002731 is broken, prices below $0.00002246 could be hit in the week.

On the other hand, if volumes drop, Shiba Inu could trade between the weekly resistance at $0.00003480 and the multi-month support at $0.00002731. 

A glance at the technicals

Key resistance: Weekly resistance at $0.00003480

Key support: Multi-month support at $0.00002731

Solana

Solana was bearish all through last week. By the end of the week, it was down by 16%.

Solana started last week bearish after a bullish pullback failed at $178.50 on the 61.8% Fibonacci in the previous week.

Bearish momentum was quite strong, and by Wednesday, had pushed through the 78.6% Fibonacci support at $158.02.

Pushing through the 78.6% Fibonacci support energized bears. By Friday, bears had pushed Solana to the multi-month support at $131.75.

This support proved to be quite strong, though, and on Saturday, bulls took control. The upside momentum was quite strong, albeit with low volumes on Sunday.

Solana has started the new week bullish, continuing the bullish reversal that started on Saturday. 

Solana bulls were in control when going to press, and volumes were on the rise.

SOL/USD daily chart 011022

Source: TradingView

A glance at the week ahead

The key levels to watch are the 78.6% Fibonacci resistance at $158.02 and the multi-month support at $132.20.

If bulls take control and push Solana through the 78.6% Fibonacci resistance, the 61.8% Fibonacci resistance at $178.49 would come into focus. If it’s broken, prices above $190 could be seen in the week.

However, if the multi-month support at $132.20 is broken, prices below $129.21 could be seen in the week. 

On the other hand, if volumes are low, Solana could trade between the 78.6% Fibonacci resistance at $158.02 and the multi-month support at $132.20.

A glance at the technicals

Key resistance: 78.6% Fibonacci at $158.02

Key support: Multi-month support at $132.20