Dogecoin, Shiba Inu & Solana Weekly Technical Analysis – 13th Dec

Dogecoin, Shiba Inu & Solana Weekly Technical Analysis – 13th Dec

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Last Updated December 13th 2021
5 Min Read
  • Dogecoin could see more downside as the $0.1648 weekly support caves under pressure.
  • Shiba Inu is likely to see more downside as weekly support at $0.00003347 comes under pressure.
  • It’s a bearish continuation pattern for Solana as selling volumes rise early in the week. 

Dogecoin

Dogecoin was in a correction all through last week. By the end of the day, Dogecoin was down by 3.2%. 

Dogecoin started bullish last week after bears lost momentum in the tail end of last week.

However, by Tuesday, bearish momentum dropped after Dogecoin hit strong resistance at $0.1809 on the 23.6% Fibonacci. 

On Wednesday, the bulls made a second attempt at the 23.6% Fibonacci resistance but failed. By Thursday, failure of bulls to push DOGE through the 23.6% Fibonacci saw bears take control.

Bearish momentum was quite strong on Thursday, and by the end of the day, all the gains from earlier in the week were negated. 

The selloff accelerated on Friday, and by the end of the day, Dogecoin was trading at the previous week’s support at $0.1648.

Over the weekend, Dogecoin rallied off the $0.1648 support, but volumes were low. This has seen Dogecoin start the new week bearish.

Bearish momentum was accelerating at the time of going to press, and Dogecoin was trading at the $0.1648 weekly support. 

DOGE/USD daily chart 121321

A glance at the week ahead

The key levels to watch are the 23.6% Fibonacci resistance at $0.1809 and the weekly support at $0.1648.

If bulls take control and push Dogecoin through the 23.6% Fibonacci resistance at 0.1808, the next key level to watch would be the 38.2% Fibonacci resistance at $0.2116.

If the 38.2% Fibonacci resistance is broken, prices above $0.22 could be seen in the week.  

However, if the weekly support at $0.1648 is broken, the next key level to watch would be the multi-month support at $0.1318. If this support is broken, prices below $0.10 could be seen in the week.

On the other hand, if volumes drop, Dogecoin could trade between the 23.6% Fibonacci resistance at $0.1808 and the multi-month support at $01318.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $0.1808

Key support: Multi-month support at $0.1318

Shiba Inu

Shiba Inu was directionless for the better part of last week. By the end of the week, it was trading pretty much where it had started. 

Shiba Inu started the week bullish but with low volumes. By the end of the day, it had hit strong resistance at $0.00003815 on the 61.8% Fibonacci resistance. 

Bulls could not push SHIB through the 61.8% Fib resistance on Tuesday without volumes. Bearish volumes were not strong either, and SHIB was trading pretty much where it had started by the end of the day. 

The same price action repeated on Wednesday, after bulls tried but failed to push SHIB through the 61.8% Fib resistance.

After three days of failure at the 61.8% Fibonacci, bears took control on Thursday, and with high volumes. 

Bearish momentum accelerated on Friday, but the drop was not as heavy as Thursday. This was indicative of bearish weakness and saw bulls take control over the weekend. 

Shiba Inu was bullish all through the weekend, but in a low volumes environment, SHIB failed to retest the 61.8% Fibonacci resistance at $0.00003815. 

Shiba Inu has started the new week bearish, after bulls lost momentum just below the 61.8% Fibonacci resistance over the weekend.

Bearish momentum was accelerating at the time of going to press, and Shib bears had eaten into all the gains made on Sunday.

SHIB/USD daily chart 121321

A glance at the day ahead

The key levels to watch are the 61.8% Fibonacci resistance at $0.00003815 and the weekly support at $0.00003347. 

If bulls take control and push SHIB through the 61.8% Fibonacci resistance at 0.00003815, the next key level to watch would be the 50.0% Fibonacci resistance at $0.00004773.

If the 50.0% Fibonacci resistance is broken, prices above $0.00005397could be seen in the week.  

However, if the weekly support at $0.00003347 is broken, the next key level to watch would be the 78.6%

Fibonacci support at $0.00002457. If this support is broken, prices below $0.00002000 could be seen in the week.

On the other hand, if volumes drop, Shiba Inu could trade between the 61.8% Fibonacci resistance at $0.00003815 and the weekly support at $0.00003347. 

A glance at the technicals

Key resistance: 61.8% Fibonacci at $0.000003815

Key support: Weekly support at $0.00003347

Solana

Solana was strongly bearish all through last week. By the end of the week, it was down by 9.8%. 

Solana started last week bearish, continuing the momentum that had started a week earlier. By the end of the day Monday, Solana had pushed through the 50.0% Fibonacci support at $187.60.

Solana bulls attempted to take control on Tuesday, but were strongly rejected at the 38.2% Fibonacci, now resistance at 204.88. This saw Solana end Tuesday trading at the 50.0% Fibonacci support. 

A bullish pullback followed on Wednesday after the 50.0% Fibonacci held on Tuesday. However, bullish momentum was not strong enough to push Solana back to the 38.2% Fibonacci resistance at $204.88.

What followed was a continuation of the bearish sentiment that had started earlier in the week. Bearish momentum was quite strong, and by the end of the day, Solana had pushed through the 50.0% Fibonacci support at $187.60 and with high volumes. 

The selloff accelerated on Friday, and by the end of the day, Solana had breached the 61.8% Fibonacci support at $170.69. 

After such a heavy selloff all through the week, Solana was oversold by the weekend. This saw bulls attempt to retake control over the weekend.

However, volumes were low, and bulls failed to make any meaningful push off the 61.8% Fibonacci support.  

This has seen it start the week bearish, a continuation of the selloff from last week. 

SOL/USD daily chart 121321

A glance at the week ahead

The key levels to watch are the 61.8% Fibonacci resistance at $170.69 and the 78.6% Fibonacci support at $146.49.  

If bulls take control and push Solana through the 61.8% Fibonacci resistance at $170.69, the next key level to watch would be the 50.0% Fibonacci resistance at $187.60.

If the 50.0% Fibonacci resistance is broken, prices above $200 could be seen in the week.  

However, if the 78.6% Fibonacci support at $146.49 is broken; the next key level to watch would be the multi-month support at $115.37. If this support is broken, prices below $140 could be seen in the week.

On the other hand, if volumes drop, Solana could trade between the 61.8% Fibonacci resistance at $170.69 and the 78.6% Fibonacci support at $146.49. 

A glance at the technicals

Key resistance: 61.8% Fibonacci at $170.69

Key support: 78.6% Fibonacci at $146.49