Dogecoin, Shiba Inu, & Solana Technical Analysis – 17th Dec

It’s a mixed day as crypto majors’ struggle at crucial resistance levels

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Last Updated December 17th 2021
5 Min Read
  • Dogecoin bulls losing momentum at the $0.1775 resistance could end up being a bearish day.
  • Shiba Inu bears struggling at key intra-day support. A bullish reversal could follow within the day. 
  • It’s a wait-and-see game for Solana as bears test the $175.88 key support level. 

Dogecoin

Dogecoin was range-bound for the better part of Thursday. By the end of the day, it was down by about 1.2%. 

Dogecoin started Thursday trading bullish but with low volumes. However, by the third hour of the day, buying volumes had dried up, and bears took control. 

Bears didn’t have much momentum either, and by daybreak, had failed to push Dogecoin low enough to test the 61.8% Fibonacci support at $0.1775. 

Dogecoin traded sideways above the 61.8% Fibonacci without much buying or selling volumes until mid-morning. 

At this point, an increase in buying volumes in the broader market triggered an uptick for Dogecoin. 

However, a bullish breakout did not materialize, and at around midday, Dogecoin bulls lost momentum just below the 50.0% Fibonacci resistance at $0.1857. 

This triggered a minor bearish correction that saw Dogecoin breach the 61.8% Fibonacci support in the early evening.

Bearish momentum dropped shortly after, and Dogecoin traded in a range slightly below the 61.8% Fib for the rest of the evening. 

Dogecoin started Friday trading in a continuation of late Thursday’s range-bound trading. However, just before daybreak, bulls appeared to be taking control and pushed Dogecoin towards the 61.8% Fibonacci, now resistance.

When going to press, Dogecoin was still trending towards the 61.8% Fibonacci resistance at $0.1775, albeit with low volumes. 

DOGE/USD daily chart 121721

A glance at the day ahead

The key levels to watch are the 61.8% Fibonacci resistance at $0.1775 and the 78.6% Fibonacci support at $0.1658.

If bulls take control and push Dogecoin through the 61.8% Fibonacci resistance at 0.1775, the next key level to watch would be the 50.0% Fibonacci resistance at $0.1857.

If the 50.0% Fibonacci resistance is broken, prices above $0.20 could be seen in the day.  

However, if the 78.6% Fibonacci support at $0.1658 is broken, the multi-month support at $0.1514 would come into focus. If the multi-month support is broken, Dogecoin could test prices below $0.15 within the day. 

On the other hand, if trading volumes drop, Dogecoin could oscillate between the 61.8% Fibonacci resistance at $0.1775 and the 78.6% Fibonacci support at $0.1658.

A glance at the technicals

Key resistance: 61.8% Fibonacci at $0.1775

Key support: 78.6% Fibonacci at $0.1658

Shiba Inu

Shiba Inu was bearish on Thursday and closed the day lower by 2.3%. 

Shiba Inu started Thursday trading range-bound above the 38.2% Fibonacci resistance at $0.00003395. 

However, just before daybreak, Shiba Inu turned bearish and briefly pushed back through the 38.2% Fibonacci.  

Bearish momentum was weak, though, and SHIB oscillated around the 38.2% Fibonacci resistance until midday. 

At this point, bears took control, and with high volumes. By early evening, Shiba Inu had tested and briefly pushed through the 23.6% Fibonacci support at $0.00003303. 

Bulls attempted to take control at this level but failed. By the last hour of the day, bears had pushed Shiba Inu through the 23.6% Fibonacci support for the second time in the day.

Shiba Inu started Friday trading bearish, a continuation of Thursday’s selloff. However, by the second hour of the day, bulls attempted to regain control but failed at the 23.6% Fib, now resistance. 

Shiba Inu traded in a range around the 23.6% Fib resistance until daybreak when bears regained control. 

Shiba Inu was bearish, and the selloff was accelerating when going to press.

SHIB/USD daily chart 121721

A glance at the day ahead

The key levels to watch are the 23.6% Fibonacci resistance at $0.00003303 and the intra-day support at $0.00003214. 

If bulls take control and push Shiba Inu through the 23.6% Fibonacci resistance at $0.00003303, the 38.2% Fibonacci resistance at $0.00003395 would come into focus. If the 38.2% Fib resistance is broken, prices above $0.00003450 could be seen in the day.  

On the other hand, if bears take control and push Shiba Inu through the intra-day support at $0.00003214, the next key level to watch would be the multi-month support at $0.00003155. If this support is broken, prices below $0.00031000 could be seen in the day. 

However, if volumes drop, Shiba Inu could trade between the intra-day support at $0.00003214 and the 23.6% Fibonacci resistance at $0.00003303.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $0.0003303

Key support: Intra-day support at $0.00003214

Solana

Solana had a mixed day on Thursday, and by the end of the day was trading pretty much where it had started. 

Solana started Thursday trading bearish after bulls lost momentum in late Wednesday trading.

Just before daybreak, Solana had tested, and briefly pushed through, the 78.6% Fibonacci support at $175.88.

However, this dip was quickly bought off and at daybreak, Solana rallied back through the 78.6% Fibonacci support. 

Bullish momentum was quite strong, and by early afternoon, Solana had pushed through the multi-week resistance at $183.51. 

However, Solana bulls lost momentum slightly above the $183.51 resistance without much support from the broader market. 

This saw Solana turn bearish for the rest of the day. By the last hour of the day, bears had managed to push Solana to the 78.6% Fibonacci support at $175.88. 

Solana started Friday trading with a bounce off the 78.6% Fibonacci support. Volumes were quite high, and Solana formed a bullish engulfing pattern. 

Solana bulls were still in control at the time of going to press, and Solana was close to retesting the multi-week resistance at $183.51. 

SOL/USD daily chart 121721

A glance at the day ahead

The key levels to watch are the multi-week resistance at $183.46 and the 78.6% Fibonacci support at $175.88.

If bulls take control and push Solana through the multi-week resistance, the next key level to watch would be Thursday’s high of $188.88.

If bulls push Solana through yesterday’s high of $188.88, prices above $200 could be seen in the day. 

However, if the 78.6% Fibonacci support at $175.83 is broken, prices below $174 could be seen in the day.

On the other hand, if trading volumes drop, Solana could trade between multi-week resistance at $183.46 and the 78.6% Fibonacci support at $175.88.

A glance at the technicals 

Key resistance: Multi-week resistance at $183.46

Key support: 78.6% Fibonacci at $175.88