Dogecoin, Shiba Inu & Solana Technical Analysis - 14th December

Crypto majors could be oversold as bulls attack critical resistance levels

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Last Updated December 14th 2021
5 Min Read
  • Dogecoin bulls take control, but need to decisively break the $0.164 resistance for an uptrend to be confirmed.
  • Shiba Inu trading at a critical price level. If a bullish reversal fails, SHIB could trade in the red for days.
  • Solana possibly oversold after days of heavy selling. A bullish reversal could be on the horizon.

Dogecoin

Dogecoin was bearish all through Monday, and closed the day lower by 5%.

Dogecoin started Monday trading bearish, after bulls lost momentum just above the 78.6% Fibonacci support at $0.169 in late Sunday trading. 

By the third hour of the day, bearish momentum had accelerated, and Dogecoin was close to testing the 50.0% Fibonacci support at $0.1632.

Bulls attempted to take control above this support level at daybreak. However, momentum was weak, and by mid-morning, Dogecoin failed at the 50.0% Fib, now resistance at $0.1632.

Bears were in control from that point on, and with high volumes. By early evening, Dogecoin had hit the multi-month support at $0.153.

Dogecoin bounced off this support all through the evening. By the end of the day, Dogecoin had pushed through the 23.6% Fibonacci, then resistance at $0.1569.

Dogecoin started Tuesday trading in a range above the 23.6% Fibonacci. However, bullish momentum was on the rise at the time of going to press.

DOGE/USD daily chart 121421

A glance at the day

The key levels to watch are the 23.6% Fibonacci support at $0.1569 and the 38.2% Fibonacci resistance at $0.1604.

If bulls take control and push Dogecoin through the 38.2% Fibonacci resistance at 0.1604, the next key level to watch would be the 50.0% Fibonacci resistance at $0.1632.

If the 50.0% Fibonacci resistance is broken, prices above $0.17 could be seen in the day. 

However, if the 23.6% Fibonacci support at $0.1569 is broken, the next level to watch would be the multi-month support at $0.1514. If this support is broken, prices below $0.14 could be seen in the day.

On the other hand, if volumes drop, Dogecoin could trade between the 23.6% Fibonacci support at $0.1569 and the 38.2% Fibonacci resistance at $0.1604.

A glance at the technicals

Key resistance: 38.2% Fibonacci at $0.1604

Key support: 23.6% Fibonacci at $0.1569

Shiba Inu

Shiba Inu was bearish all through Monday. By the end of the day, it was down by 3.9%.

Shiba Inu started Monday bearish after it pushed through the 78.6% Fibonacci support at $0.00003647 in late Sunday trading.

By hour two of the day, Shiba Inu had pushed through the 61.8% Fibonacci support at $0.00003543.

Just before daybreak, bulls attempted to retake control,  but failed to push SHIB back through the 61.8% Fib, which was now resistance.

This saw bears retake control until mid-morning when Shiba Inu hit the 38.2% Fibonacci support at  $0.00003393.

Bulls attempted to retake control at the 38.2% Fibonacci, but momentum was weak. This saw Shiba Inu trade in a range between the 38.2% Fib support at $0.00003393, and the 50.0% Fibonacci, now resistance at $0.00003469.

In the early afternoon, a spike in buying volumes saw Shiba Inu test the 61.8% Fib, now resistance at $0.00003543. However, with the broader market bearish, the uptrend was cancelled.

Shiba Inu traded bearish for the rest of the day, and in the early evening, tested the multi-month support at $0.00003155.

After a 24-hour selloff, SHIB was oversold by early evening. This saw it bounce off the multi-month support at $0.00003135. By the last hour of the day, Shiba Inu was trading at the 23.6% Fibonacci, now resistance at $0.00003303.

Shiba Inu started Tuesday trading bearish. This followed a loss of bullish momentum at the 23.6% Fib resistance in late Monday trading. However, selling volumes were low, and by daybreak, bulls were regaining control.

At the time of going to press, SHIB was making a second attempt at the 23.6% Fibonacci resistance.

SHIB/USD daily chart 121421

A glance at the day ahead

The key levels to watch are the multi-month support at $0.00003155 and the 23.6% Fibonacci resistance at $0.00003303.

If bulls take control and push Shiba Inu through the 23.6% Fibonacci resistance at $0.00003303, the next important level to watch would be the 50.0% Fibonacci resistance at $0.00003469. If this resistance is broken, prices above $0.00003500 could be seen in the day. 

However, if the multi-month support at $0.00003155 is broken, it could be an indicator that Shiba Inu will be bearish for days to come. In such a scenario, prices below $0.000030000 could be seen within the day.

On the other hand, if volumes drop, Shiba Inu could trade between the multi-month support at $0.00003155 and the 23.6% Fibonacci resistance at $0.00003303.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $0.00003303

Key support: Multi-month resistance at $0.00003155

Solana

Solana was bearish all through Monday, and closed the day lower by 8%.

Solana started the day bearish, a continuation of the selloff that had started on Sunday. By hour two of the day, it had pushed through the 61.8% Fibonacci support at $169.94. 

Bearish momentum  was quite strong, up until mid-morning when Solana hit, and briefly pushed through,  the 50.0% Fibonacci support at $165.64. .

Bulls tried to take the market at this level, and pushed Solana back above the 50.0% Fib. However, with the broader market bearish, bulls quickly lost momentum.

What followed was a selloff that lasted all through the day. By early evening, Solana had hit the multi-month support at $147.88. There was a bounce off this support, and Solana closed the day at the 23.6% Fib, now resistance at $156.27.

Solana started Tuesday trading bearish after bulls failed to push it through the 23.6% Fib resistance at $157.27 in the first two hours of the day. However, by daybreak, Solana was getting oversold, and bulls took control.

At the time of going to press, bullish momentum was on the rise, and Solana was testing the 23.6% Fibonacci resistance at $156.27.

SOL/USD daily chart 121421

A glance at the day ahead

The key levels to watch are the multi-month support at $147.88, and the 23.6% Fibonacci resistance at $156.27.

If bulls take control and push Solana through the 23.6% Fibonacci resistance, the next key level to watch would be the 38.2% Fibonacci resistance at $167.45.

If the 38.2% Fibonacci resistance is broken, Solana could test prices above $180 within the day.

However, if the multi-month support at $147.88 is broken, prices below $110 could be seen in the day.

On the other hand, if volumes drop, Solana could trade between the 23.6% Fibonacci resistance at $156.27 and the multi-month support at $147.88.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $156.27

Key support: Multi-month support at $147.88