Dogecoin, Shiba Inu & Solana Technical Analysis – 28th Dec

Crypto majors bounce off key support levels after a day of heavy selling

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Last Updated December 28th 2021
5 Min Read
  • Dogecoin consolidating below the 38.2% Fibonacci resistance at $0.1823 after a bounce-off key support.
  • Shiba Inu testing the 23.6% Fibonacci resistance at $0.00003716 but is yet to push through it.
  • Solana makes an attempt at $190.73 on the 38.2% Fibonacci resistance, but volumes are low.

Dogecoin

Dogecoin was range-bound for the better part of Monday. By the end of the day, it was down by about 1%.

Dogecoin started Monday trading range-bound after bulls lost momentum in late Sunday trading.

Range-bound trading persisted until Mid-morning when bulls attempted to take control. Bulls were in control until early evening when buying volumes dried up, just above the intra-day upper range limit of $0.1915.

A drop in bullish momentum, coupled with an overall bearish market, saw Dogecoin turn bearish for the better part of the evening.

By the end of the day, Dogecoin had tested and briefly pushed through the 23.6% Fibonacci support at $0.1874.

Dogecoin started Tuesday trading bearish, continuing the selloff that began in late Monday trading. By Mid-morning, Dogecoin had pushed through multiple support levels: the 38.2% Fibonacci at $0.1823 and the 50.0% Fibonacci support at $0.1781.

Dogecoin was making a pullback off the 50.0% Fibonacci support when going to press.

DOGE/USD daily chart 122821

Source: TradingView

A glance at the day ahead

The key levels to watch are the 38.2% Fibonacci resistance at $0.1823 and the 50.0% Fibonacci support at $0.1781.

If bulls take control and push Dogecoin through the 38.2% Fibonacci resistance at $0.1823, the 23.6% Fibonacci resistance at $0.1874 would come into play. If broken, prices above $0.194 could be hit in the day.

However, if bears take control and push Dogecoin through the 50.0% Fibonacci support, the next key level to watch would be the 61.8% Fibonacci support at $0.174.

If Dogecoin breaks the 61.8% Fibonacci support, then prices below $0.17 could be hit within the day.

On the other hand, if volumes drop, Dogecoin could trade between the 38.2% Fibonacci resistance at $0.1823, and the 50.0% Fibonacci support at $0.1781.

A glance at the technicals

Key resistance: 38.2% Fibonacci at $0.1823

Key support: 50.0% Fibonacci at $0.1781

Shiba Inu

Shiba Inu was bullish all through Monday, albeit with low volumes. By the end of the day, it was up by 1.8%.

Shiba Inu started trading range-bound Monday. This was a continuation of the low-volume trading that characterized most of Sunday evening.

Shiba Inu was range-bound until mid-morning when bulls took control of the market. An increase in bullish sentiment saw Shiba Inu trade in the green all through the day.

However, an increase in selling volumes in the broader market saw buying volumes dry up towards the end of the day.

A dry-up of buying volumes in late Monday trading set up Shiba Inu for a bearish Tuesday.

Shiba Inu started Tuesday trading strongly bearish. Just before daybreak, Shiba Inu had eased through the 23.6% Fibonacci support at $0.00003716 and came close to testing the 38.2% Fibonacci support at $0.00003545.

When going to press, bulls regained control, and Shiba Inu was in a pullback.

SHIB/USD daily chart 122821

Source: TradingView

A glance at the day ahead

The key levels to watch are the 23.6% Fibonacci resistance at $0.00003716 and the 38.2% Fibonacci support at $0.00003545.

If bulls take control and push Shiba Inu through the 23.6% Fibonacci resistance at $0.00003716, the next key level to watch would be the weekly resistance at $0.00003994. If the weekly resistance is broken, prices above $0.00004000 could be hit within the day. 

However, if the 38.2% Fibonacci support at $0.00003545 is broken, prices below $0.00003464 could be seen in the week. 

On the other hand, if volumes drop, Shiba Inu could trade between the 23.6% Fibonacci resistance at $0.00003716 and the 38.2% Fibonacci support at $0.00003545.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $0.00003716

Key support: 38.2% Fibonacci at $0.00003545

Solana

Solana had a volatile day on Monday and ended the day pretty much where it had started.

Solana started Monday trading bullish. This was after a correction in late Sunday trading lost momentum slightly above the 23.6% Fibonacci support at $196.14.

Solana bulls were in control but just before daybreak, they lost momentum. A correction followed that saw Solana test the 23.6% Fibonacci support at $196.14 by mid-morning.

Bears did not have the momentum to push Solana through the 23.6% Fibonacci support at $196.14 though. A bullish reversal followed that saw Solana trade in the green until early evening when it hit monthly resistance at $204.83.

The monthly resistance proved to be too strong for Solana bulls, and what followed was a correction that saw Solana retest the 23.6% Fibonacci support at $196.14 by the end of the day.

Solana started Tuesday trading with the same bearish sentiment that characterized late Monday trading. By mid-morning, Solana had pushed through the 23.6% Fibonacci support at $196.14, the 38.2% Fibonacci support at $190.73, and come close to breaching the 50.0% Fibonacci support at $186.31.

When going to press, Solana had bounced off the 50.0% Fibonacci support and was trading at the 38.2% Fib, now resistance.

SOL/USD daily chart 122821

Source: TradingView

A glance at the day ahead

The key levels to watch are the 38.2% Fibonacci resistance at $190.73 and the 50.0% Fibonacci support at $186.31.

If bulls take control and push Solana through the 38.2% Fibonacci resistance, the 23.6% Fibonacci resistance at $196.14 would come into play. If the 23.6% Fibonacci support is broken, prices above $205 could be seen in the day.

However, if the 50.0% Fibonacci support at $186.31 is broken, the next key level to watch would be the 61.8% Fibonacci support at $181.96. If it’s broken, prices below $180 could be seen in the day.

On the other hand, if volumes drop, Solana could be range-bound between the 38.2% Fibonacci resistance at $190.73 and the 50.0% Fibonacci support at $186.31.

A glance at the technicals

Key resistance: 38.2% Fibonacci at $190.73

Key support: 50.0% Fibonacci at $186.31