Dogecoin, Shiba Inu & Solana Technical Analysis – Dec 10th

Key support levels in focus as bearish sentiment persists in the crypto market

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Last Updated December 10th 2021
5 Min Read

Dogecoin

Dogecoin was bearish all through Thursday.  By the end of the day, it was down by 2%.

Dogecoin started Thursday trading bearish after bulls lost momentum at $0.1782 on the 23.6% Fibonacci resistance in late Wednesday trading.

Bears were in control all through the morning until daybreak when it came close to testing the 38.2% Fibonacci support at $0.1746.

Bulls briefly took control until mid-morning when Dogecoin hit the 23.6% Fibonacci resistance for the second time in the day. With the broader market bearish, Dogecoin turned bearish from that point in the day. 

By early afternoon, Dogecoin had tested the 50.0% Fibonacci support at $0.172 and bounced off it in one long bullish candle.

The bullish pullback was quite strong and saw Dogecoin rally through the 38.2% Fibonacci, now resistance, and the 23.6% Fibonacci resistance at $0.172.

However, with bearish momentum strong in the broader market, this momentum did not last.

Bears took control for the rest of the day. By the end of the day, Dogecoin was trading at the 61.8% Fibonacci support at $0.169.

Dogecoin started Friday trading bullish after it bounced off the 61.8% Fibonacci in the first hour of the day.

However, this momentum was short-lived, and by hour three of the day, Dogecoin had hit the 50.0% Fibonacci, now resistance at $0.1719.

With overall market momentum bearish, this resistance held strong, and bears took control of Dogecoin shortly after.

At the time of going to press, Dogecoin bears were still in control and the 78.6% Fibonacci support at $0.165 was within sight.

DOGE/USD daily chart 121021

A glance at the day ahead

The key levels to watch are the 78.6% Fibonacci support at $0.16505 and the 61.8% Fibonacci resistance at $0.1690.

If bulls take control and push Dogecoin through the 61.8% Fibonacci resistance at 0.1690, the next key level to watch would be the 50.0% Fibonacci resistance at $0.1719.

If the 50.0% Fibonacci resistance is broken, prices above $0.175 could be seen in the day. 

However, if the 78.6% Fibonacci support at $0.165 is broken, the next key level to watch would be the multi-month support at $0.159. If this support is broken, prices below $0.14 could be seen in the day.

On the other hand, if volumes drop, Dogecoin could trade between the 78.6% Fibonacci support at $0.165 and the 61.8% Fibonacci resistance at $0.169.

A glance at the technicals

Key resistance: 61.8% Fibonacci at $0.169

Key support: 78.6% Fibonacci at $0.165

Shiba Inu

Shiba Inu was bearish all through Thursday. By the end of the day, it was down by 4.5%.

Shiba Inu started Thursday bearish after it pushed through the 23.6% Fibonacci support at $0.00003637 within the first hour of the day.

However, just before daybreak, Shiba Inu hit the 38.2% Fibonacci support at $0.00003617.

It rallied off this support until midday, when it hit the 23.6% Fibonacci, then resistance at $0.00003637.

With the broader market bearish, Shiba Inu turned bearish at this point, and for the rest of the day.

By the end of the day, Shiba Inu was trading at the 78.6% Fibonacci support at $0.00003449.

Shiba Inu started Friday trading with a bounce off the 78.6% Fibonacci support at $0.00003449.

However, within the third hour of the day, it hit strong resistance at $0.00003519 on the 61.8% Fibonacci, now resistance.

It turned bearish at this point and by daybreak, hit the 78.6% Fibonacci support. At the time of going to press, SHIB was still testing the 78.6% Fib support.

SHIB/USD daily chart 121021

A glance at the day ahead

The key levels to watch are the 78.6% Fibonacci support at $0.00003449 and the 61.8% Fibonacci resistance at $0.00003519.

If bulls take control and push Shiba Inu through the 61.8% Fibonacci resistance at $0.00003519, the next key level to watch would be the 50.0% Fibonacci resistance at $0.00003566.

If the 50.0% Fibonacci resistance is broken, prices above $0.00003579 could be seen in the day. 

However, if the 78.6% Fibonacci support at $0.00003439 is broken, the next key level to watch would be the multi-month support at $0.00003357. If this support is broken, prices below $0.0003278 could be seen in the day.

On the other hand, if volumes drop, Shiba Inu could trade between the 78.6% Fibonacci support at $0.00003449 and the 61.8% Fibonacci resistance at $0.00003519.

A glance at the technicals

Key resistance: 61.8% Fibonacci at $0.00003519

Key support: 78.6% Fibonacci at $0.00003449

Solana

Solana was bearish all through Thursday. By the end of the day, it was down by about 3%.

Solana started the day bearish after bulls failed to push through the 38.2% Fibonacci resistance at $197.16 in late Wednesday trading.

Bearish momentum accelerated from the first hour of the day, until early afternoon when it hit the 23.6% Fibonacci support at $186.12.

However, this support failed and bearish momentum accelerated. By early evening, Solana was trading at $176.01, a key weekly support level.

Solana bounced off this support but momentum was weak. It bounced off this support and by the end of the day, it was close to testing the 23.6% Fibonacci resistance at $186.12.

Solana started Friday trading bearish after bulls failed to push through the 23.6% Fib resistance in late Thursday trading. It has been bearish all through the morning, and at the time of going to press, bears were in control.

SOL/USD daily chart 121021

A glance at the day ahead

The key levels to watch are the multi-month support at $168.96, and the 23.6% Fibonacci resistance at $186.28.

If bulls take control and push Solana through the 23.6% Fibonacci resistance at 186.28, the next key level to watch would be the 38.2% Fibonacci resistance at $197.0.

If the 38.2% Fibonacci resistance is broken, prices above $200 could be seen in the day.  

However, if the multi-month support at $168.96 is broken, prices below $164 could be seen in the day.

On the other hand, if volumes drop, Solana could trade between the 23.6% Fibonacci resistance at $186.28 and the multi-month support at $168.96.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $186.28

Key support: Multi-month support at $168.96