Dogecoin, Shiba Inu & Solana Technical Analysis – 24th Dec

Bulls in control as crypto majors bounce off key support level

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Last Updated December 24th 2021
4 Min Read
  • Dogecoin bounces off 78.6% Fibonacci support at $0.1802 after an early morning correction. 
  • Shiba Inu gaining upside momentum as it rallies off weekly support at $0.00003821
  • Solana makes a strong bounce off multiple-day support at $184.92

Dogecoin

Dogecoin was bullish all through Thursday. By the end of the day, it was up by 6%. 

Dogecoin started Thursday trading in the green, after a bullish reversal saw it pull through the 50.0% Fibonacci at $0.1732 in the first hour of trading. 

Upside momentum was quite strong, and by daybreak, Dogecoin had pushed through two major resistance levels – the 61.8% Fibonacci resistance at $0.1761 and the 78.6% Fibonacci resistance at $0.1802. 

However, this rally was quickly reversed and Dogecoin fell back below the 61.8% Fibonacci resistance at $0.1761. 

Bulls took over shortly after though, and Dogecoin rallied back through the 61.8% Fibonacci resistance. By early evening, bulls had pushed Dogecoin through the 78.6% Fibonacci resistance at $0.1802. 

Dogecoin kept edging higher, and by the end of the day, was trading at the $0.1854 weekly resistance.

Dogecoin started Friday trading bearish after bulls failed to push it through the $0.1854 weekly resistance. When going to press, Dogecoin had found strong support at $0.1802 on the 78.2% Fibonacci. 

DOGE/USD 1-hour chart 122421

Source: TradingView

A glance at the day ahead

The key levels to watch are the weekly resistance at $0.1854 and the 78.6% Fibonacci support at $0.1802.

If bulls take control and push Dogecoin through the weekly resistance at 0.1854, 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 61.8% Fibonacci support at $0.1761 would come into focus. If it breaks, prices below $0.163 could be seen in the day. 

On the other hand, if volumes drop, Dogecoin could trade between the weekly resistance at $0.1854 and the 78.6% Fibonacci support at $0.1802. 

A glance at the technicals

Key resistance: Weekly resistance at $0.1854

Key support: 78.6% Fibonacci at $0.1802

Shiba Inu

Shiba Inu was bullish all through Thursday. By the end of the day, it was up by 8.9%. 

Shiba Inu started Thursday trading range-bound, after bears lost momentum just above the 50.0% Fibonacci at $0.00003405. 

However, at daybreak, Shiba Inu bulls took control and pushed SHIB through the 61.8% Fibonacci resistance at $0.0003542. 

Upside momentum increased, and by early evening, Shiba Inu tested the 78.6% Fibonacci resistance at $0.00003740. 

Shiba Inu traded in a range around the 78.2% Fib resistance, before bulls took over for the last few hours of the day. By the end of the day, Shiba Inu had hit strong monthly resistance at $0.00003990. 

Shiba Inu started Friday trading bearish after it lost momentum at the $0.00003990 monthly resistance. 

However, by daybreak, Shiba Inu was trading at $0.00003821, a key weekly support level. When going to press, SHIB had bounced off the weekly support.

SHIB/USD 1-hour chart 122421

Source: TradingView

A glance at the day ahead

The key levels to watch are the monthly resistance at $0.00003990 and the weekly support at $0.00003821.

If bulls take control and push Shiba Inu, through the monthly resistance at $0.00003990, then prices above $0.00004100 could be seen in the day. 

However, if the weekly support at $0.00003821 is broken, the next key level to watch would be the 78.6% Fibonacci support at $0.00003740. 

If the 78.6% Fibonacci support is broken, prices below $0.000036340 could be seen within the day. 

On the other hand, if volumes drop in the day, Shiba Inu could trade between the weekly support at $0.0003821, and the monthly resistance at $0.0003990.  

A glance at the technicals

Key resistance: Monthly resistance at $0.00003990

Key support: Weekly support at $0.00003821

Solana

Solana was bullish for the better part of Thursday. By the end of the day, Solana was up by 6%. 

Solana started Thursday trading around the 38.2% Fibonacci support at $179.46. 

However, by late afternoon, bullish momentum in the broader market saw Solana rally off the 38.2% Fibonacci support. 

Upside momentum was quite strong, and Solana rallied through the 23.6% Fibonacci resistance at $184.92, and test the weekly resistance at $193.66.

Solana started Friday trading bearish, after bulls lost the momentum to push it through the weekly resistance at $193.66. 

When going to press, Solana was trading at $187.57, a key multiple-day support level. 

SOL/USD 1-hour chart 122421

Source: TradingView

A glance at the day ahead

The key levels to watch are the weekly resistance at $193.66 and the multiple day support at $187.57. 

If bulls take control and push Solana through the $193.66 weekly resistance, then prices above $200 could be seen in the day.  

However, if the multiple-day support at $187.57 is broken, the next key level to watch would be the 23.6% Fibonacci support at $184.92. If the 23.6% Fibonacci support is broken, prices below $182 could be seen in the day.  

On the other hand, if volumes drop, Solana could be range-bound between the weekly resistance at $193.66, and the multiple-day support at $184.92. 

A glance at the technicals

Key resistance: Weekly resistance at $193.66

Key support: Multiple day support at $187.57