Dogecoin, Shiba Inu & Solana Technical Analysis – 30th Dec

Crypto majors bounce off key support levels after a selloff on Wednesday

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Last Updated December 30th 2021
5 Min Read
  • Dogecoin bulls are in control, but 61.8% Fibonacci resistance at $0.1740 needs to break for the uptrend to be confirmed.
  • Shiba Inu is in a bullish reversal, but volumes are too low to call a new uptrend.
  • Solana makes a strong bullish reversal, but the 78.6% Fibonacci resistance needs to give way for a new uptrend to be confirmed.

Dogecoin

Dogecoin was bearish for the better part of Wednesday. By the end of the day, it was down by 3.5%.

Dogecoin started Wednesday trading bullish after it bounced off the 61.8% Fibonacci support at $0.1740 in late Tuesday trading.

However, with the broader market bearish, Dogecoin bulls did not have momentum. This led to bears retaking control just before daybreak.

 After more than three days of heavy selling, bearish momentum was weakening too, and the result was range-bound trading until mid-morning.

It is at this point that a selloff in the broader market energized Dogecoin bears. What followed was a selloff that saw Dogecoin push through the 61.8% Fibonacci support at $0.1740, and test the 78.2% Fibonacci support at $0.1682 by early afternoon.

Dogecoin bears lost momentum at the 78.6% Fib support, and Doge bounced off this support level. By early evening, Dogecoin was trading at the 61.8% Fibonacci, now resistance, at $0.1740.

The 61.8% Fibonacci proved to be too strong for bulls, and a correction ensued for the rest of the evening. By the end of the day Wednesday, Dogecoin was trading at the $0.1682 Fibonacci support.

Dogecoin started Thursday trading bullish after bouncing off the 78.6% Fibonacci support in the first hour of the day.

When going to press, Dogecoin bulls were still in control, but volumes were low, and momentum was weakening.

DOGE/USD daily chart 123021

Source: TradingView

A glance at the day ahead

The key levels to watch are the 61.8% Fibonacci resistance at $0.1704 and the 78.6% Fibonacci support at $0.1682.

If bulls take control and push Dogecoin through the 61.8% Fibonacci resistance at $0.1704, the 50.0% Fibonacci resistance at $0.1781 would come into play. If the 50.0% Fib resistance breaks, prices above $0.1808 could be achieved 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 monthly support at $0.1607.  If Dogecoin pushes through the monthly support, prices below $0.1594 could be hit in the day.

On the other hand, if volumes drop, Dogecoin could trade between the 61.8% Fibonacci resistance at $0.1704, and the 78.6% Fibonacci support at $0.1682.

A glance at the technicals

Key resistance: 61.8% Fibonacci at $0.1704

Key support: 78.6% Fibonacci at $0.1682

Shiba Inu

Shiba Inu was bearish all through Wednesday, albeit with low volumes. By the end of the day, Shiba Inu was down by 5.9%.

Shiba Inu started Wednesday trading bullish after bouncing off the 50.0% Fibonacci support at $0.00003409 in late Tuesday trading.

However, with the broader market bearish, Shiba Inu bulls lost momentum just before daybreak.

What followed was a correction that saw Shiba Inu test, and briefly breach, the 50.0% Fibonacci support at $0.00003409 by early afternoon.

Bulls tried to retake control at the 50.0% Fibonacci, but momentum was weak. What followed was a continuation of the bear trend until the end of the day.

Shiba Inu started Thursday trading bearish after the 50.0% Fibonacci support at $0.00003409 failed within the first hour of the day.

However, bears lost momentum shortly after, and bulls took control. When going to press, Shiba Inu was bullish and was close to testing the 50.0% Fibonacci resistance at $0.00003408.

SHIB/USD daily chart 123021

Source: TradingView

A glance at the day ahead

The key levels to watch are the 50.0% Fibonacci resistance at $0.00003408 and the 61.8% Fibonacci support at $0.00003127.

If bulls take control and push Shiba Inu through the 50.0% Fibonacci resistance at $0.00003408, the 38.2% Fibonacci resistance at $0.00003545 would come into play. If the 38.2% Fibonacci resistance breaks, prices above $0.00003610 could be seen in the day. 

However, if the 61.8% Fibonacci support at $0.00003127 is broken, prices below $0.00003172 could be attained in the day. 

On the other hand, if volumes drop, Shiba Inu could trade between the 50.0% Fibonacci resistance at $0.00003408, and the 61.8% Fibonacci support at $0.00003127.

A glance at the technicals

Key resistance: 50.0% Fibonacci at $0.00003408

Key support: 61.8% Fibonacci at $0.00003127

Solana

Solana was bearish all through Wednesday. By the end of the day, it was down by 3.5%.

Solana started Wednesday trading bullish after it bounced off the 78.6% Fibonacci support at $176.39 in late Tuesday trading.

However, this upside momentum was short-lived, and just before daybreak, bears retook control.

At daybreak, Solana was back at the 78.6% Fibonacci support. Bulls attempted to retake control at the 78.6% Fibonacci support but failed.

What followed was a breach of the 78.6% Fibonacci support by mid-morning. By early afternoon, Solana was trading at the $171.63 weekly support.

There was a bounce off the weekly support, and by early evening, Solana had retested the 78.6% Fibonacci, now resistance at $176.39.

The 78.6% Fibonacci resistance proved too strong for bulls though, and a correction followed.

By the last hour of Wednesday trading, Solana was trading at the weekly support, and momentum was accelerated.

Solana started Thursday trading bulls after bouncing off key monthly support at $168.60 in the first hour of the day.

Bears attempted to retake control before daybreak but lost momentum at the monthly support.

When writing, Solana was bullish, and gaining upside momentum fast.

SOL/USD daily chart 123021

Source: TradingView

A glance at the day ahead

The key levels to watch are the 78.6% Fibonacci resistance at $176.39 and the weekly support at $171.63.

If bulls take control and push Solana through the 78.6% Fibonacci resistance, the next key level to watch would be the 61.8% Fibonacci resistance at $182.44. If the 61.8% Fibonacci resistance is broken, prices above $185 could be attainable in the day.

However, if the weekly support at $171.63 is broken, the next key level to watch would be the monthly support at $168.60. If this support is broken, prices below $166 could be seen in the day.

On the other hand, if volumes drop, Solana could trade between the 78.6% Fibonacci resistance at $176.39 and the weekly support at $171.63.

A glance at the technicals

Key resistance: 78.6% Fibonacci at $176.39

Key support: Weekly support at $171.63