Dogecoin, Shiba Inu and Solana Technical Analysis – 16th Dec

Major resistance levels at play as crypto majors rebound

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Last Updated December 16th 2021
5 Min Read
  • Dogecoin bulls show weakness at the 50.0% Fib resistance despite positive news from Elon Musk.
  • Shiba Inu bullish breakout possible as bulls pile pressure on the 38.2% Fib resistance. 
  • Solana is in a bullish breakout but needs to push through $183.46 resistance for trend confirmation.

Dogecoin

Dogecoin was directionless all through Wednesday. By the end of the day, it was trading pretty much where it had started the day. 

Dogecoin started Wednesday trading bearish and with high volumes. Within the first hour of the day, Dogecoin had pushed through the 50.0% Fibonacci support at $0.185, and came close to testing the 61.8% Fibonacci support at $0.1775. 

Downside momentum declined after Dogecoin failed to test the 61.8% Fibonacci support at $0.1775. This saw DOGE trade between the 50.0% Fibonacci, now resistance at $0.185, and the 61.8% Fibonacci support at $0.1775 until midday. 

That’s when an increase in bearish momentum saw Dogecoin push through the 61.8% Fibonacci support and with high volumes. 

However, with bullish momentum on the rise in the broader market, bears quickly lost momentum. What followed was a rally back through the 61.8% Fibonacci, then resistance, at $0.1775. 

By early evening, Dogecoin had hit the 50.0% Fibonacci, now resistance, at $0.185. This resistance proved to be too strong for bulls, and Dogecoin turned bearish for the rest of the evening. 

Dogecoin started Thursday trading range-bound between the 50.0% Fibonacci resistance at $0.1857 and the 61.8% Fibonacci support at $0.1775. Dogecoin was yet to break out In any direction when going to press. 

DOGE/USD daily chart 1231621

A glance at the day ahead

The key levels to watch are the 50.0% Fibonacci resistance at $0.1857 and the 61.8% Fibonacci support at $0.1775.

If bulls take control and push Dogecoin through the 50.0% Fibonacci resistance at 0.1857, the next key level to watch would be the 38.2% Fibonacci resistance at $0.1939. If the 38.2% Fibonacci resistance is broken, prices above $0.20 could be seen in the day.  

However, if the 61.8% Fibonacci support at $0.1775 is broken, the next level to watch would be the 78.6% Fibonacci support at $0.1658. If this support is broken, prices below $0.15 could be seen in the day.

On the other hand, if volumes drop, Dogecoin could trade between the 50.0% Fibonacci resistance at $0.1857 and the 61.8% Fibonacci support at $0.1775.

A glance at the technicals

Key resistance: 50.0% Fibonacci at $0.1857

Key support: 61.8% Fibonacci at $0.1775

Shiba Inu

Shiba Inu was volatile all through Wednesday but closed the day pretty much it where it had started. 

Shiba Inu started the day bearish after failing to push through the 38.2% Fibonacci resistance at $0.00003395 in late Tuesday trading. 

However, selling volumes were low, and just before daybreak, bulls took control. By mid-morning, Shiba Inu was back at the 38.2% Fibonacci resistance for the second time in 24-hours. 

Bulls didn’t have the momentum to push SHIB through the 38.2% Fibonacci this time either. This saw bears take control, and with high volumes. 

The selloff was quite strong, and by early afternoon, Shiba Inu had pushed through the 23.6% Fibonacci support at $0.00003303 and came close to testing the multi-month support at $0.00003153.

However, an increase in bullish momentum in the broader market saw Shiba Inu form a bullish reversal pattern. 

Bullish momentum was quite strong, and by late evening, Shiba Inu had tested and briefly pushed through the 38.2% Fibonacci resistance at $0.00003395. 

However, momentum declined at this level, and Shiba Inu turned bearish in the last 4-hours of the day. By the end of the day, Shiba Inu was trading slightly below the 38.2% Fibonacci resistance at $0.00003395. 

Shiba Inu started Thursday trading range-bound between the 38.2% Fibonacci resistance at $0.00003395 and the 23.6% Fibonacci support at $0.00003303. 

When going to press, SHIB was yet to break out in any direction. 

SHIB/USD daily chart 1231621

A glance at the day ahead

The key levels to watch are the 38.2% Fibonacci resistance at $0.00003395 and the 23.6% Fibonacci support at $0.00003303.

If bulls take control and push Shiba Inu through the 38.2% Fibonacci resistance at $0.00003395, the next key level to watch would be the 50.0% Fibonacci resistance at $0.00003470. If this resistance is broken, prices above $0.00003500 could be seen in the day.  

However, if the 23.6% Fibonacci support at $0.00003303 is broken, bears could take control in the day. In such a scenario, prices below $0.00003200 could be seen within the day.

On the other hand, if volumes drop, Shiba Inu could trade between the 23.6% Fibonacci support at $0.00003303 and the 38.2% Fibonacci resistance at $0.00003395.

A glance at the technical

Key resistance: 38.2% Fibonacci at $0.00003395

Key support: 23.6% Fibonacci at $0.00003303

Solana 

Solana was bullish for the better part of Wednesday. By the end of the day, it was up by 11%. 

Solana started Wednesday trading bearish, but volumes were low. Just before daybreak, selling volumes dried up, and bulls took control all through the early morning hours. By mid-morning, Solana had pushed through the 50.0% Fibonacci resistance at $165.68. 

However, volumes dropped at $168.29, a key weekly resistance level. This saw bears take control, and by mid-afternoon, Solana came close to testing the 23.6% Fibonacci support at $156.25.

An increase in bullish momentum in the broader market saw Solana rally in the evening hours. Just 4-hours to the end of the day, Solana was close to testing weekly resistance at $183.46. 

However, volumes dropped just below the $183.46 resistance, and Solana had a minor correction in the last few hours of the day.

Solana started Thursday trading range-bound between the 78.6% Fibonacci support at $175.83 and the weekly resistance at $183.46. 

When going to press, Solana was yet to make a breakout in any direction. 

SOL/USD daily chart 1231621

A glance at the day ahead

The key levels to watch are the 78.6% Fibonacci support at $175.83 and the weekly resistance at $183.46.

If bulls take control and push Solana through the weekly resistance, the next key level to watch would be the multi-week resistance at $194.50. If the $194.50 resistance is broken, Solana could trade above $200 in the course of the day.  

However, if the 78.6% Fibonacci support at $175.83 is broken, prices below $170 could be seen in the day.

On the other hand, if volumes drop, Solana could trade between the weekly resistance at $183.46 and the 78.6% Fibonacci support at $175.83.

A glance at the technicals

Key resistance: Weekly resistance at $183.46

Key support: 78.6% Fibonacci at $175.83