Dogecoin, Shiba Inu & Solana Technical Analysis – 31st Dec

Cryptos range-bound as volumes drop ahead of the New Year

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Last Updated December 31st 2021
5 Min Read
  • Dogecoin range-bound as volumes drop ahead of the New Year.
  • Shiba Inu is testing the 50.0% Fibonacci resistance at $0.00003408 but volumes remain low.
  • Solana bounces off key support with high volumes. 78.6% Fibonacci resistance at $176.39 needs to break for uptrend to be confirmed.

Dogecoin

Dogecoin was bullish for the better part of Tuesday albeit with low volumes. By the end of the day, Dogecoin was up by about 1%.

Dogecoin started Thursday trading bullish, after hitting the 78.6% Fibonacci support at $0.1682 in late Wednesday trading.

The upside momentum was quite strong, and by mid-morning, it had pushed through the 61.8% Fibonacci resistance at $0.1740.

However, with bearish momentum on the rise in the broader market, Dogecoin turned bearish. By early evening, Dogecoin had hit 3-day support at $0.1704.  However, bearish momentum subsided and by the end of the day it was trading at the $0.174 support.

Dogecoin started Friday trading bullish, after bouncing off the $0.174 support. At the time of going to press, Dogecoin was close to retesting the 61.8% Fibonacci resistance at $0.1704.

DOGE/USD daily chart 123121

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 be within reach. If the 50.0% Fib resistance

breaks, prices above $0.1801 could be hit 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, then prices below $0.1594 could be tested in the day.

On the other hand, if volumes are low within the day, Dogecoin could oscillate 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 range-bound for the better part of Thursday. By the end of the day, it was up by 1.01%.

Shiba Inu started Thursday trading bearish, and within the first two hours of the day, it had hit the 61.8% Fibonacci support at $0.0003271.

However, the selloff dropped, and by mid-morning, SOL had hit the 50.0% Fibonacci resistance at $0.00003408.

Shiba Inu then traded range-bound around the 50.0% Fibonacci resistance at $0.0003408 until the early evening.

It is at this point that bears took control, but their volumes were pretty low too. By the end of the day, Shiba Inu was trading at the intra-day support at $0.00003360.

Shiba Inu started Friday trading bullish after bouncing off the intra-day support at $0.00003360. By the time of going to press, Shiba Inu was trading at the 50.0% Fibonacci resistance at $0.00003408.

SHIB/USD daily chart 123121

Source: TradingView

A glance at the day ahead

The key levels to watch today 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 be within reach. 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 breaks, prices below $0.00003171 could be hit within the day. 

On the other hand, if volumes drop, Shiba Inu could oscillate 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 had a volatile day for the better part of Thursday. By the end of the day, it was up by a little under a percentage.

Solana started Thursday trading bearish, a continuation of the bearish momentum that started on Wednesday.

Just before daybreak, Solana had tested the monthly support at $168.60. This support proved to be quite strong, and Solana bounced off it and with high volumes.

Bulls were in control from that point on until early evening. It is at this point that an increase in bearish momentum in the broader market saw Solana lose upside momentum.

Bears took control from that point on, and by the end of the day, Solana was close to the day’s starting price.

Solana started Friday trading bearish, a continuation of the bearish momentum that started on Thursday.

When going to press, Solana was close to testing the monthly support at $168.60.

SOL/USD daily chart 123121

Source: TradingView

A glance at the day ahead

The key levels to watch are the 78.6% Fibonacci resistance at $176.39 and the monthly support at $168.60.

If bulls take control and push Solana through the 78.6% Fibonacci resistance, the 61.8% Fibonacci resistance at $182.44 would come into focus. If the 61.8% Fibonacci resistance

breaks, prices above $183 could be hit in the day.

However, if the monthly support at $168.60 is broken, then prices below $160 could be seen in the day. 

On the other hand, if volumes are low within the day, Solana could trade between the 78.6% Fibonacci resistance at $176.39 and the monthly support at $168.60.

A glance at the technicals

Key resistance: 78.6% Fibonacci at $176.39

Key support: Monthly support at $168.60