Dogecoin, Shiba Inu & Solana Weekly Technical Analysis – January 31, 2022

It’s a bearish start to the week as key support levels come into focus

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Last Updated January 31st 2022
5 Min Read
  • Dogecoin breaches multi-week support as bears take control early in the week.
  • Shiba Inu bears in control but volumes are still low.
  • Solana bears take control early in the week, but yet to break key support level.

Dogecoin

Dogecoin was range-bound for the better part of the week. By the end of the week, it was down by less than a percentage.

Dogecoin started last week bearish after bulls lost momentum at $0.1391 on the multi-week resistance.

Towards the end of the day, Monday, Dogecoin had tested the multi-month support at $0.1265, and bounced off it with high volumes.

This triggered a rally on Tuesday, one that saw Dogecoin blast through the multi-week resistance at $0.1391.

Bulls were not that strong though, and towards the end of the day, bears were pushing the price towards $0.1391, now intra-day support.

Bulls managed to hold their ground though, a factor that saw Dogecoin start Wednesday trading bullish. However, with the broader market bearish, Dogecoin bulls lost momentum towards the end of the day. Nonetheless, bears failed to push Dogecoin through the weekly support at $0.1391.

Bears attempted to take control again on Thursday but failed. What followed was range-bound trading just above the weekly support at $0.1391 for the remainder of the week.

Dogecoin has started the new week bearish, after bears managed to finally push Doge through the multi-week support at $0.1391.  When going to press, bears were still in control, albeit with low volumes.

DOGE/USD chart 013122

Source: TradingView

A glance at the week ahead

The key levels to watch are the multi-week resistance at $0.1391 and the multi-month support at $0.1265.

If bulls take control and push Dogecoin through the multi-week resistance at $0.1391; the next key level to watch would be the 78.6% Fibonacci resistance at $0.1692. If the 78.6% Fib resistance is broken, prices above $0.17 could easily be tested within the week. 

However, if bears take the market and push Dogecoin through the multi-month support at $0.1265, prices below $0.11 could be tested in the week.  

On the other hand, if volumes drop, Dogecoin could trade between the multi-week resistance at $0.1391 and the multi-month support at $0.1265.

A glance at the technicals

Key resistance: Multi-week resistance at $0.1391.

Key support: Multi-month support at $0.1265

Shiba Inu

Shiba Inu was range-bound all through last week, and ended the week pretty much where it had started.

Shiba Inu started last week bearish, after a bullish reversal failed towards the end of the previous week.

By the end of the day Monday, Shiba Inu bears had pushed SHIB to the multi-week support at $0.00001895.

The multi-week support proved to be quite strong though, and though bears made a second attempt at it on Tuesday, momentum was weak. What followed was a low volumes trading day that saw SHIB close above the multi-week support at $0.00001895.

With bearish volumes dropping at a key support level, bulls attempted to take control of the market on Wednesday. However, they too were weak, and couldn’t move SHIB much.

Volumes kept dropping, and Shiba Inu traded in a range above the multi-week resistance for the remaining part of the week.

Shiba Inu has started the new week bearish, albeit with low volumes. When going to press, Shiba Inu bears in control, but were yet to push SHIB through the multi-week support at $0.00001895.

SHIB/USD chart 013122

Source: TradingView

A glance at the week ahead

The key levels to watch in the week are the 23.6% Fibonacci resistance at $0.00002600 and the multi-week support at $0.00001895.

If bulls take control and push Shiba Inu through the 23.6% Fibonacci resistance at $0.00002600, the 38.2% Fibonacci resistance at $0.00003786 would come into play. If it’s broken, prices above $0.00003810 could be tested in the week.  

However, if the multi-week support at $0.00001895 is broken, prices below $0.00001236 could be possible in the week. 

If volumes drop, Shiba Inu could trade between the 23.6% Fibonacci resistance at $0.00002600 and the multi-week support at $0.00001895. 

A glance at the technicals

Key resistance: 23.6% Fibonacci at $0.00002600

Key support: Multi-week support at $0.00001895

Solana

Solana was range-bound for the better part of last week. By the end of the week, it was trading pretty much where it had started.

Solana started last week bearish, a continuation of the selloff that had started in the previous week. However, bears hit strong multi-month support at $87.29, and a minor reversal followed towards the end of the day.

Monday’s price action saw bulls attempt to take control on Tuesday but they didn’t have much volumes.

Bulls held their ground though, and on Wednesday, a bullish rally followed. However, with the broader market bearish, Solana bears took control towards the end of the day. By the end of the day, Solana was back to the multi-month support level at $87.29.

Bears extended their run into Thursday but lacked the momentum to push Solana through the multi-month support.

After several failed attempts at a key support level, Solana bulls took control on Friday, albeit with low volumes.

Bulls remained in control though, and on Saturday, volumes increased, negating some of the gains from earlier in the week.

However, with the broader market bearish, Solana bears took control again on Sunday. By the end of the day, they had eaten into most of Saturday’s gains.

Solana has started the week bearish, a continuation of the trend that had started on Sunday.

When going to press, Solana was close to testing the multi-month support at $87.47.

SOL/USD chart 013122

Source: TradingView

A glance at the week ahead

The key levels to watch in the week are the 23.6% resistance at $122.78 and the multi-month support at $87.47.

If bulls take control and push Solana through the 23.6% Fibonacci resistance at $122.78 the 38.2% Fibonacci resistance at $149.26 would come into focus. If the 38.2% Fib resistance is broken, prices above $150 could easily be tested within the week. 

However, if bears push Solana through the multi-week support at $87.47, prices below $70 could easily be seen in the week. 

If volumes drop, Solana could trade between the 23.6% Fibonacci resistance at $122.78 and the multi-month support at $87.47.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $122.78

Key support: Multi-month support at $87.47