Dogecoin, Shiba Inu & Solana Weekly Technical Analysis – January 3rd, 2022

Crypto majors’ range-bound as market yet to find direction in the New Year

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Last Updated January 3rd 2022
6 Min Read
  • Dogecoin is trading at $0.1665 weekly support but is yet to make any major moves.
  • Shiba Inu is trading at $0.00003335 weekly support, but volumes have dried up.
  • Solana bears in control as it trends towards the 38.2% Fibonacci support at $166.44.

Dogecoin

Dogecoin was bearish for the better part of last week. By the end of the week, it was down by 9%.

Dogecoin started last week bearish after bulls lost momentum just above the 23.6% Fibonacci resistance at $0.1823 in the previous week.

Volumes were low, though, and bears could not push Dogecoin through the 23.6% Fib, an intraday support level at that time.

However, with the broader market turning bearish, Dogecoin breached the 23.6% Fib support with high volumes.

On Wednesday, the selloff continued, but Dogecoin hit strong weekly support at $0.1665.

The $0.1665 weekly support proved quite strong, and Dogecoin bounced off it on Thursday.

However, volumes were low, and bulls could not cancel out the losses made on Wednesday.

This saw bears attempt to retake the market on Friday but failed. The result was another attempt by bulls to take control of the market over the weekend.

However, bulls did not have the volumes, and by the end of the day, Dogecoin failed to test the 23.6% Fibonacci, now resistance at $0.1823.

Dogecoin has started the new week bearish after bulls failed to test the 23.6% Fibonacci at $0.1823 in the previous week.

At the time of going to press, bears were still in control, albeit with low volumes.

DOGE/USD daily chart 010322

Source: TradingView

A glance at the week ahead

The key levels to watch are the 23.6% Fibonacci resistance at $0.1832 and the weekly support at $0.1665.

If bulls take control and push Dogecoin through the 23.6% Fibonacci resistance at $0.1832, the 38.2% Fibonacci resistance at $0.2147 would come into play. If it’s broken, prices above $0.2305 could be tested within the week. 

However, if bears take control and push Dogecoin through the weekly support at $0.1665, the monthly support at $0.1303 would come into play. If it’s broken, prices below $0.11 could be seen in the week. 

On the other hand, if volumes drop in the week, Dogecoin could oscillate between the 23.6% Fibonacci resistance at $0.1832 and the weekly support at $0.1665.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $0.1832

Key support: Weekly support at $0.1665

Shiba Inu

Shiba Inu was bearish for the better part of last week. By the end of the week, SHIB was down by 12%.

Shiba Inu started bullish last week, a continuation of the strong upside momentum that had started in the previous week.

However, Shiba Inu could not sustain upside momentum with the broader bearish market.

On Tuesday, a crash through the 61.8% Fibonacci, then intraday support at $0.00003749, followed.

The selloff was quite strong, and by the end of the day, SHIB was trading close to the $0.00003335 weekly support level.

Bears retained control on Wednesday, and by the end of the day, Shiba Inu had tested the $0.00003335.

The weekly support proved to be quite strong, and bearish volumes dropped towards the end of the day.

However, bulls were not that strong either, and the result was range-bound trading at the weekly support all through Thursday.

The same range-bound trading continued on Friday. However, after two days of unsuccessfully testing a key support level, Shiba Inu was in the green all through Saturday. Volumes were low, though, and had pretty much dried up by Sunday.

Shiba Inu has started the new week bearish, albeit with low volumes. When going to press, Shiba Inu bears were still in control but were yet to negate the gains made on Saturday.

SHIB/USD daily chart 010322

Source: TradingView

A glance at the week ahead

The key levels to watch today are the 61.8% Fibonacci resistance at $0.00003749 and the weekly support at $0.00003335.

If bulls take control and push Shiba Inu through the 61.8% Fibonacci resistance at $0.00003749, the 50.0% Fibonacci resistance at $0.00004715 would come into play. If the 50.0% Fibonacci resistance is broken, prices above $0.00005129 could be seen within the week. 

However, if the weekly support at $0.00003359 is broken, the next key level to watch would be the December 20th low of $0.00002800. If this low is broken, prices below $0.00002541 could be seen in the week.

On the other hand, if volumes drop, Shiba Inu could trade between the 61.8% Fibonacci resistance at $0.00003749 and the weekly support at $0.00003335. 

A glance at the technicals

Key resistance: 61.8% Fibonacci at $0.00003749

Key support: Weekly support at $0.00003335

Solana

Solana was bearish for most of last week. By the end of the week, it was down by 12%.

Solana started last week bullish, a continuation of the upside momentum that had started a week earlier.

However, before the end of the day, Solana tested the 23.6% Fibonacci resistance at $202.41 and had a sharp correction before the end of the day. 

The selloff accelerated on Tuesday, and by the end of the day, had negated most of the gains made in the previous week.

Solana’s selloff accelerated on Wednesday, and by the end of the day, SOL was close to testing the 38.2% Fibonacci support at $166.44.

On Thursday, bears managed to push Solana to the 38.2% Fibonacci support at $166.44.

This support proved to be quite strong, though, and Solana bounced off it before the end of the day.

Solana tested and bounced off the 38.2% Fibonacci support again on Friday. However, volumes were low, and the day ended in a tie between bulls and bears.

On Saturday, bulls took control and negated all the losses made on Friday and Thursday.

With the broader market bearish, bears tried to retake control on Sunday. However, volumes were low, and bears could not negate the gains made on Saturday.

Solana has started the new week bearish, a continuation of the selloff that started on Sunday.

At the time of going to press, Solana was close to testing the 38.2% Fibonacci support at $166.44.

SOL/USD daily chart 010322

Source; TradingView

A glance at the week ahead

The key levels to watch are the 23.6% Fibonacci resistance at $202.41 and the 38.2% Fibonacci support at $166.44.

If bulls take control and push Solana through the 23.6% Fibonacci resistance, the monthly resistance at $234.26, would come into play. If it’s broken, prices above $250 could be seen in the day.

However, if the 38.2% Fibonacci support at $166.44 is broken, the 50.0% Fibonacci support at $137.55 would come to play. If it’s broken, prices below $126.88 could be seen in the week. 

On the other hand, if volumes are low, Solana could trade between the 23.6% Fibonacci resistance at $202.41 and the 38.2% Fibonacci support at $166.44.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $202.41

Key support: 38.2% Fibonacci at $166.44