Dogecoin, Shiba Inu & Solana Τechnical Αnalysis – 23rd Dec

A slow day for the market as most cryptos trade sideways

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Last Updated December 23rd 2021
5 Min Read
  • Dogecoin bulls gaining strength as they target key weekly resistance at $0.1765.
  • Shiba Inu yet to find clear direction for the day late Wednesday selloff pushed it to a key support level.
  • Solana bulls pile pressure on the 23.6% Fibonacci resistance at $181.45, but volumes are still low.

Dogecoin

Dogecoin was bullish for the better part of Wednesday. By the end of the day, it was up by 2.24%.

Dogecoin started Wednesday trading bullish after hitting strong support at $0.1706 on the 61.8% Fibonacci.

It gained upside momentum until daybreak, when it hit strong resistance at $0.1732 on the 78.6% Fibonacci.

While bulls didn’t have the momentum to push Dogecoin through the 78.6% Fibonacci resistance, bears were not that strong either. The result was range-bound trading around the 78.6% Fibonacci resistance until mid-morning.

At mid-morning, a sudden increase in bullish momentum saw Dogecoin blast through the multi-week resistance at $0.1765, and with high volumes.

However, this rally was short-lived, and Dogecoin was back at the 78.6% Fibonacci resistance within an hour.

Bulls retained control, and by late afternoon, Dogecoin had pushed through the multi-week resistance at $0.1765 for the second time in the day.

Bullish momentum weakened at this price level, though, and by early evening, Dogecoin was close to testing the 78.6% Fib, now support at $0.1732.

Bears were not that strong, though, and this saw Dogecoin range between the multi-week resistance at $0.1765 and the 78.6% Fibonacci support at $0.1732 all through the evening.

Dogecoin started bullish Thursday trading after hitting the 78.6% Fibonacci support at $0.1765 in late Wednesday trading.

It kept edging higher all through the morning, and at the time of going to press, bulls were still in control.

DOGE/USD daily chart 122321

Source: TradingView

A glance at the day ahead

The key levels to watch are the multi-week resistance at $0.1765 and the 78.6% Fibonacci support at $0.1732.

If bulls take control and push Dogecoin through the multi-week resistance at 0.1669, the next key level to watch would be Wednesday’s high of $0.1798. 

If bulls push Dogecoin through the $0.1732 resistance, then prices above $0.20 could be seen in the day.

However, if bears take control and push Dogecoin through the 78.6% Fibonacci support, the next key level to watch would be the 61.8% Fibonacci support at $0.1706.

 If the 61.8% Fibonacci support is broken; prices below $0.16 could be seen in the day.

On the other hand, if volumes drop, Dogecoin could trade between the multi-week resistance at $0.1765 and the 78.6% Fibonacci support at $0.1732.

A glance at the technicals

Key resistance: Multi-week resistance at $0.1765

Key support: 78.6% Fibonacci support at $0.1732

Shiba Inu

Shiba Inu was bullish for the better part of Wednesday. By the end of the day, it was up by 6%.

Shiba Inu started the day bullish, and by the second hour of trading, had pushed through the 50.0% Fibonacci resistance at $0.00003310.

Bullish momentum rose from that point on, and by afternoon, Shiba had pushed through multiple resistance levels to test multi-month resistance at $0.00003791.

However, after two days in the green, Shiba Inu bulls lost momentum at the $0.000003791 multi-month resistance.

Bears took control from that point on, and by the end of the day, Shiba Inu had pushed through the 78.6% Fib, then support at $0.00003585, and was close to testing the 61.8% Fibonacci support at $0.00003424.

Shiba Inu started Thursday trading range-bound between the 78.6% Fibonacci, now resistance at $0.00003585, and the 61.8% Fibonacci support at $0.00003424. When going to press, Shiba Inu was still range-bound.

SHIB/USD daily chart 122321

Source: TradingView

A glance at the day ahead

The key levels to watch are the 78.6% Fibonacci resistance at $0.00003585 and the 61.8% Fibonacci support at $0.00003424.

If bulls take control and push Shiba Inu, through the 78.6% Fibonacci resistance at $0.00003585, the next key level to watch would be Wednesday’s high of $0.00003791. If this level is broken, then prices above $0.00003800 could be seen in the day. 

However, if the 61.8% Fibonacci support at $0.00003424 breaks, the next key level to watch would be the 50.0%

Fibonacci support at $0.00003310. If broken, prices below $0.00003250 could be seen in the day.

On the other hand, if volumes drop, Shiba Inu could trade between the 78.6% Fibonacci

resistance at $0.00003585 and the 61.8% Fibonacci support at $0.000034234.

A glance at the technicals

Key resistance: 78.6% Fibonacci at $0.00003585

Key support: 61.8% Fibonacci at $0.00003424

Solana

Solana had a mixed day on Wednesday, and by the end of the day was close to where it had started the day.

Solana started Wednesday trading bullish after it bounced off the 38.2% Fibonacci support at $176.66.

Bullish momentum was quite strong, and just before daybreak, pushed through the 23.6% Fibonacci resistance at $181.45.

Bulls maintained control until mid-morning when it hit intraday resistance at $187.46. What followed was a correction that saw Solana breach the 23.6% Fibonacci, then support at $181.45. By the end of the day, Solana was trading at the 38.2% Fibonacci support at $176.66.

Solana started Thursday trading bullish, with a bounce off the 38.2% Fibonacci support. Just before daybreak, Solana hit strong resistance at $181.45 on the 23.6% Fibonacci.

When going to press, Solana was range-bound between the 23.6% Fibonacci resistance at 181.45 and the 38.2% Fibonacci support at $176.66.

SOL/USD daily chart 122321

Source: TradingView

A glance at the day ahead

The key levels to watch are the 23.6% Fibonacci resistance at $181.45 and the 38.2% Fibonacci support at $176.66.

If bulls take control and push Solana through the 23.6% Fibonacci resistance, the weekly high of $189.44 would come into focus. If the weekly high is broken, Solana could trade above $200 in the day.

However, if the 38.2% Fibonacci support at $176.69 is broken; the next key level to watch would be 50.0% Fibonacci support at $172.84. If the 50.0% Fibonacci support is broken, prices below $170 could be hit within the day. 

On the other hand, if volumes drop, Solana could be range-bound between the 23.6% Fibonacci resistance at $181.45 and the 38.2% Fibonacci support at $176.66.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $181.45

Key support: 38.2% Fibonacci at $176.66