Dogecoin, Shiba Inu & Solana Weekly Technical Analysis – January 24, 2022

Bears not letting up despite a bounce off support levels over the weekend

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Last Updated January 24th 2022
5 Min Read
  • Dogecoin bears still in control, and the multi-month support at $0.1319 is now in focus.
  • Shiba Inu bears in control but is yet to negate the gains made over the weekend.
  • Solana bears putting pressure on the $88.59 monthly support but are yet to push SOL through it.

Dogecoin

Dogecoin was bearish all through last week. By the end of the week, it was down by 19%.

Dogecoin started last week bearish after bulls lost momentum at $0.1768 on the 78.6% Fibonacci resistance in the previous week.

A selloff ensued and accelerated all the week, and by Saturday, bears had pushed Dogecoin through the multi-month support at $0.1193.

However, after Saturday's accelerated crash, Dogecoin quickly became oversold. A sharp reversal followed that saw Dogecoin eat into most of Saturday's losses and close above the $0.1193 multi-month support.

The bullish reversal was short-lived, though, as the broader market remained overall bearish.

It is for this reason that Dogecoin has started the new week bearish. When going to press, bears were in control, and Dogecoin was close to re-testing the multi-month support at $0.1193 for the second time in the week.

DOGE/USD daily chart 0112422

Source: TradingView

A glance at the day ahead

The key levels to watch are the 78.6% Fibonacci resistance at $0.1768 and the multi-month support at $0.1319.

If bulls take control and push Dogecoin through the 78.6% Fibonacci resistance at $0.1768, the next key level to watch would be the 61.8% Fibonacci resistance at $0.2118. If the 61.8% Fib resistance is broken, prices above $0.25 could be hit in the week.

However, if bears take control and push Dogecoin through the multi-month support at $0.1319, prices below $0.10 could be seen in the week. 

On the other hand, if volumes drop, Dogecoin could trade between the 78.6% Fibonacci resistance at $0.1768 and the multi-month low of $0.1319.

A glance at the technicals

Key resistance: 78.6% Fibonacci at $0.1768

Key support: Multi-month support at $0.1319

Shiba Inu

Shiba Inu was bearish for the better part of last week. By the end of the week, it was down by 26%.

Shiba Inu started last week bearish after bulls hit strong resistance at $0.00003186 on the 78.6% Fibonacci resistance in the previous week.

A selloff ensued and accelerated as the week proceeded. By Saturday, bears had pushed Shiba Inu to the multi-month support at $0.00001647.

However, the multi-month support proved too strong for bears, and SHIB bounced off it towards the end of the day Saturday. What followed was a sharp reversal on Sunday, one that saw Shiba Inu eat into most of Saturday's losses.

The bullish reversal was short-lived, though, as the broader market remained overall bearish.

For this reason, Shiba Inu has started the new week bearish. When going to press, bears were in control, and SHIB was close to re-testing the multi-month support at $0.00001647 for the second time in the week.

SHIB/USD daily chart 012422

Source: TradingView

A glance at the week ahead

The key levels to watch today are the 78.6% Fibonacci resistance at $0.00003186 and the multi-month support at $0.00001647.

If bulls take control and push Shiba Inu, through the 78.6% Fibonacci resistance at $0.00003186, the 61.8% Fibonacci resistance at $0.00004409 would come into focus. If the 61.8% Fibonacci resistance is broken; prices above $0.00004829 could be tested within the week. 

However, if the monthly support at $0.00001647 is broken, prices below $0.00000946 could be seen in the week.

On the other hand, if volumes drop, Shiba Inu could trade between the 78.6% Fibonacci resistance at $0.00003186 and the multi-month support at $0.00001647.

A glance at the technicals

Key resistance: 78.6% Fibonacci at $0.00003186

Key support: Multi-month support at $0.00001647

Solana

Solana was bearish all through last week. By the end of the week, it was down by 19.66%.

Solana started last week bearish after bulls lost momentum just below the 61.8% Fibonacci resistance at $152.90 in the previous week.

A selloff ensued, and bears got stronger as the week went by. By Saturday, bears had pushed Solana to the multi-month support at $85.99.

However, the multi-month support proved too strong for bears, and SOL bounced off it towards Saturday's end of the day. What followed was a bullish reversal on Sunday. The reversal was weak, though, and didn't put a dent to the losses made on Saturday.

This was an indicator that Solana was still overall bearish. It is for this reason that Solana has started the new week bearish. When going to press, bears were in control, and Solana had re-tested the multi-month support at $88.59 for the second time in the week.

SOL/USD daily chart 012422

Source: TradingView

A glance at the week ahead

The key levels to watch are the 78.6% resistance at $123.67 and the multi-month support at $88.59.

If bulls take control and push Solana through the 78.6% Fibonacci resistance at $123.67, the 61.8% Fibonacci resistance at $159.90 would come into focus. If it's broken, prices above $170 could be tested in the week.

However, if bears push Solana through the multi-month support at $88.59, prices below $60 could be hit in the week.

On the other hand, if volumes drop, Solana could trade between the 78.6% Fibonacci resistance at $123.67 and the multi-month support at $88.59.

A glance at the technicals

Key resistance: 78.6% Fibonacci at $123.67

Key support: Multi-month support at $88.59