Dogecoin, Shiba Inu & Solana Technical Analysis – 5th Dec

Crypto majors trading at key resistance levels after a bullish reversal late Tuesday

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Last Updated January 5th 2022
5 Min Read
  • Dogecoin needs to push through the 50.0% Fib resistance at $0.174 with high volumes for an uptrend to be confirmed.
  • Shiba Inu needs to decisively break the 50.0% Fib resistance at $0.00003303 for bull trend confirmation.
  • Solana has to break the 38.2% Fibonacci at $170.41 for an uptrend to be confirmed.

Dogecoin

Dogecoin had a mixed day on Tuesday. By the end of the day, it was down by 1%.

Dogecoin started Tuesday trading bullish after it bounced off the 23.6% Fibonacci support at $0.168.

Momentum was quite strong, and by early afternoon, Dogecoin was trading at $0.1725, a key multi-week resistance level.

This resistance proved to be quite strong though, and by early evening, Dogecoin was trading at 0.1667, a key weekly support level.

Without much support from the broader market, Dogecoin bulls could not push through the $0.1667 support level.

What followed was a bullish reversal that lasted for the better part of the evening.  In the last hour of the day, bears attempted to take control but failed as the 23.6% Fib, then resistance at $0.168 proved to be quite strong.

Dogecoin started Wednesday trading bullish momentum that started in late Tuesday trading.

However, just before daybreak, it hit strong resistance at $0.1703 on the 50.0% Fibonacci resistance.

When going to press, Dogecoin was still trading at this resistance level, but was yet to push through it.

DOGE/USD daily chart 010522

Source: TradingView

A glance at the day ahead

The key levels to watch are the 50.0% Fibonacci resistance at $0.1704 and the 38.2% Fibonacci support at $0.169. 

If bulls take control and push Dogecoin through the 50.0% Fibonacci resistance at $0.1722, prices above $0.18 could be hit in the day.

However, if bears take control and push Dogecoin through the 38.2% Fibonacci support at $0.169, prices below $0.164 could be tested within the day.  

On the other hand, if volumes drop, Dogecoin could trade between the 50.0% Fibonacci resistance at $0.1704 and the 38.2% Fibonacci support at $0.169.

A glance at the technical

Key resistance: 50.0% Fibonacci at $0.1704

Key support: 38.2% Fibonacci at $0.169

Shiba Inu

Shiba Inu had a mixed day on Tuesday, and by the end of the day, it was down by less than a percentage.

Shiba Inu started Tuesday trading bullish after it bounced off the 23.6% Fibonacci support at $0.00003255.

Bullish momentum was quite strong, and by afternoon, Shiba Inu was trading at $0.00003351, a key weekly resistance level.

This resistance proved to be quite strong though, and Shiba Inu entered into a correction.  By early evening, Shiba Inu was trading at 0.00003231, just above a major weekly support level.

With bullish momentum on the rise in the broader market, Shiba Inu bulls lost momentum. 

What followed was a bullish reversal that saw Shiba Inu trade in the green for the better part of the evening.  However, in the last two hours of the day, bears attempted to retake control. However, they hit strong support at $0.00003225, a key weekly support, and couldn’t push SHIB through it.

Shiba Inu started Wednesday trading bullish after bears lost momentum at the $0.00003225 weekly support.

However, just before daybreak, it hit strong resistance at $0.00003303 on the 50.0% Fibonacci resistance.

When going to press, Shiba Inu was still trading at this resistance level, but bulls were losing control.

SHIB/USD daily chart 010522

Source: TradingView

A glance at the day ahead

The key levels to watch today are the 50.0% Fibonacci resistance at $0.00003303 and the 38.2% Fibonacci support at $0.00003284.

If bulls take control and push Shiba Inu through the 50.0% Fibonacci resistance at $0.00003303, prices above $0.00003400 could be hit within the day.

However, if the 38.2% Fibonacci support at $0.00003284 is broken, prices below $0.00003191 could be hit within the day.

On the other hand, if volumes drop, Shiba Inu could trade between the 50.0% Fibonacci resistance at $0.0000303 and the 38.2% Fibonacci support at $0.00003284.  

A glance at the technical

Key resistance: 50.0% Fibonacci at $0.0000303

Key support: 38.2% Fibonacci at $0.00003284

Solana

Solana had a mixed day on Tuesday, and ended the day pretty much where it had started.

Solana started Tuesday trading bearish, a continuation of the selloff that had started a day earlier. 

However, just before daybreak, it hit the $167.05 weekly support. This support proved to be quite strong and a bullish reversal followed.

Bullish momentum was quite strong, and by afternoon, Solana was trading at $173.85, a key weekly resistance level.

This resistance proved to be quite strong though, and Solana entered into a correction.  By early evening, Shiba Inu was trading at 167.15, just above the $167.05 weekly support level.

However, with bullish momentum on the rise in the broader market, Solana bears lost momentum. 

What followed was a bullish reversal that saw Solana trade in the green for most of the evening.  But, in the last two hours of the day, bears attempted to retake control.

However, bear found strong support at the $167.05 weekly support level, and couldn’t push SOL through it.

Solana started Wednesday trading bullish after bears lost momentum at the $167.05 weekly support.

Bullish momentum was quite strong and just before daybreak; Solana had pushed through two key resistance levels.

When going to press, Solana was still trading at the 38.2% Fibonacci resistance at $170.41. This resistance was quite strong though, and bulls were losing momentum.

SOL/USD daily chart 010522

Source: TradingView

A glance at the day ahead

The key levels to watch are the 38.2% Fibonacci resistance at $170.41 and the 23.6% Fibonacci support at $169.62.

If bulls take control and push Solana through the 38.2% Fibonacci resistance at $170.41, prices above $174 could be seen in the day.

However, if the 38.2% Fibonacci support at $169.62 is broken, prices below $166 could be seen in the day.  

On the other hand, if volumes are low, Solana could trade between the 38.2% Fibonacci resistance at $170.41 and the 23.6% Fibonacci support at $169.62.

A glance at the technicals

Key resistance: 38.2% Fibonacci at $170.41

Key support: 23.6% Fibonacci at $169.62