Dogecoin, Shiba Inu & Solana Weekly Technical Analysis – 20th Dec

Crypto majors bearish as the broader market turns red

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Last Updated December 20th 2021
5 Min Read
  • Bears put Dogecoin weekly support under pressure as the broader market turns bearish.
  • There is no end in sight for the Shiba Inu bear run, as the selloff that started in early December continues.
  • Solana is in the red, but bears need to break the 38.2% Fibonacci support at $169.24 to confirm bearish momentum.

Dogecoin

Dogecoin was bearish for the better part of last week. Nonetheless, it managed to close the week higher by 2.16%.

Dogecoin started bearish last week. This was a continuation of a bear run that had started weeks earlier.

However, after several weeks in the red, Dogecoin got into oversold territory. This saw bulls take control on Tuesday.

The bullish reversal was quite strong and saw Dogecoin briefly push through the 38.2% Fibonacci resistance at $0.2106 before retracing to close the day above the 23.6% Fibonacci resistance at $0.1802.

With the broader market still bearish, bulls got overpowered on Wednesday. This led to a continuation of the selloff that had started on Monday.

The selloff was not that quite strong, though, and bears could not cancel out the gains made on Tuesday.

Dogecoin remained in the red all through Thursday, confirming that the overall momentum was still bearish.

The selloff accelerated on Friday, and by the end of the day, Dogecoin was close to eliminating the gains made on Tuesday.

However, Dogecoin hit key weekly support at $0.1634. What followed was a slight bullish reversal towards the end of the day.

Dogecoin was in the green all through Saturday, confirming that the $0.1634 support was holding strong.

Sunday was a little bearish, but Dogecoin still managed to trade above the $0.1634 weekly support all through the day.

Dogecoin has started the new week with low volumes and has yet to move in any direction. When writing, Dogecoin was still trading above the $0.1634 weekly support.

DOGE/USD daily chart 122021

Source: TradingView

A glance at the week ahead

The key levels to watch are the weekly support at $0.1634 and the 23.6% Fibonacci resistance at $0.1804.

If bulls take control and push Dogecoin through the 23.6% Fibonacci resistance at 0.1804, the next key level to watch would be the 38.2% Fibonacci resistance at $0.2105.

If bulls push Dogecoin through the 38.2% Fibonacci resistance, prices above $0.24 could be seen within the week. 

However, if the weekly support at $0.1634 is broken, the next level to watch would be the December low

of $0.1318. If the December low is broken, prices below $0.10 could be seen in the week.

On the other hand, if volumes drop, Dogecoin could trade between the weekly support at $0.1634 and the 23.6% Fibonacci resistance at $0.1804.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $0.1804

Key support: Weekly support at $0.1634

Shiba Inu

Shiba Inu was in a selloff all through last week. By the end of the week, it was down by 12.9%.

Shiba Inu started last week in a strong selloff. After an attempted bullish reversal hit strong resistance at $0.00003818 on the 61.8% Fibonacci.

Bulls attempted to retake the market on Tuesday, but volumes were low. This saw bears try to take control on Wednesday.

However, buyers still put up a fight, and by the end of the day Wednesday, Shiba Inu closed the day at Wednesday’s close. But with the broader market still bearish, Shiba Inu bears took control on Thursday.

The selloff accelerated for the rest of the week, up until Saturday when bulls attempted to retake the market. However, volumes were so low that bulls couldn’t make an impact.

This saw bearish momentum continue on Sunday, and Shiba Inu come close to testing a 2-week low at $0.00002938.

Shiba Inu has started the new week bearish, a continuation of the selloff from the previous week. When going to press, Shiba Inu was trading at $0.00002938, which is now a key support level.

SHIB/USD daily chart 122021

Source: TradingView

A glance at the week ahead

The key levels to watch are the 78.6% Fibonacci support at $0.00002455 and the 61.8% Fibonacci resistance at $0.00003818.

If bulls take control and push Shiba Inu through the 61.8% Fibonacci resistance at $0.00003818, the next key level to watch would be the 50.0% Fibonacci resistance at $0.00004784. If this resistance is broken, prices above $0.00005000 could be seen within the week. 

However, if the 78.6% Fibonacci support at $0.00002455 is broken, it could be a bearish indicator for Shiba Inu. In such a scenario, prices below $0.00002058 could be seen in the week.

On the other hand, if volumes drop, Shiba Inu could trade between the 78.6% Fibonacci support at $0.00002455 and the 61.8% Fibonacci resistance at $0.00003818.

A glance at the technicals

Key resistance: 61.8% Fibonacci at $0.00003818

Key support: 78.6% Fibonacci at $0.00002455

Solana

Solana was bullish for the better part of last week. By the end of the week, it was up by 7.59%.

Solana started last week bearish, a continuation of a selloff from the previous week. However, before the end of the day, bears lost momentum slightly above the 50.0% Fibonacci support at $141.49.

This saw bulls take control on Tuesday, and the same momentum accelerated on Wednesday. By the end of the day Wednesday, Solana had pushed through the 38.2% Fibonacci resistance at $169.24 and with high volumes.

With the broader market bearish, bears attempted to take control of Solana on Thursday but failed. 

Bears made another attempt on Friday but hit strong support at $169.24 on the 38.2% Fibonacci.

This saw bulls take full control on Saturday. The bullish momentum was quite strong, and Solana eliminated all the losses made on Thursday and Friday.

However, bears attempted to take control of Solana on Sunday with the broader cryptocurrency market bearish. Selling momentum was weak, though, and most of the gains remained intact.

Solana has started the new week bearish. This follows a selloff in the broader cryptocurrency market. Solana was still in the red at the time of going to press, and the selloff was accelerating.

SOL/USD daily chart 122021

Source: TradingView

A glance at the week ahead

The key levels to watch are the 38.2% Fibonacci support at $169.24 and the 23.6% Fibonacci resistance at $203.94.

If bulls take control and push Solana through the 23.6% Fibonacci resistance, the next key level to watch would be the December high of $243.59.

If the December high is broken, Solana could test prices above $260 within the week.

However, if the 38.2% Fibonacci support is broken at $169.24, the next key level to watch would be 50.0% Fibonacci support at $141.49. If the 50.0% Fibonacci support is broken, prices below $130 could be seen in the day.

On the other hand, if volumes drop within the week, Solana could trade between the 23.6% Fibonacci resistance at $203.94 and the 38.2% Fibonacci support at $169.24.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $203.94

Key support: 38.2% Fibonacci at $169.24