Dogecoin, Shiba Inu & Solana Weekly Technical Analysis – 27th Dec

Bulls still in control but volumes low after a holiday weekend

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Last Updated December 27th 2021
7 Min Read

Key Points:

  • Dogecoin has yet to make a move in any direction, but it's firmly above the 23.6% Fibonacci at $0.1834.
  • Shiba Inu holding strong at the 61.8% Fibonacci resistance at $0.00003801 despite the low volumes.
  • Solana bulls are still in control but volumes are low over the Christmas period.

Dogecoin

Dogecoin was bullish for the better part of last week. By the end of the week, it was up by 13.1%.

Dogecoin started last week bearish after it hit multi-month resistance at $0.1665 in the previous week.

Dogecoin remained bullish on Tuesday, and Wednesday, and on Thursday, upside momentum accelerated.

Bullish momentum was quite strong and by the end of the day, Dogecoin had pushed through the 23.6% Fibonacci resistance at $0.1834.

However, after such a huge rally in the week, Dogecoin’s bull rally slowed down on Friday. Bears attempted to take control, but they didn’t have much momentum either. This saw Friday end the day in a tussle between bulls and bears.

Bears failure to take control on Friday, saw a return of bullish momentum on Saturday By the end of the day Saturday, Dogecoin was trading at $0.1896, a key weekly resistance level.

However, due to the low volumes that come with Christmas, there were low volumes on Sunday.  Nonetheless, bears attempted to take control but failed, an indicator that despite the low volumes, bulls were still in control.

Dogecoin has started the new week with low volumes, a continuation of the price action witnessed on Sunday.  When writing, Dogecoin was yet to make a move in any direction.

DOGE/USD daily chart 122721

Source: TradingView

A glance at the week ahead

The key levels to watch are the 38.2% Fibonacci resistance at $0.2158, and the 23.6% Fibonacci support at $0.18324.

If bulls take control and push Dogecoin through the 38.2% Fibonacci resistance at $0.2158, the 50.0% Fibonacci resistance at $0.2418 would come into play. If broken, prices above $0.30 could be seen in the week.

However, if bears take control and push Dogecoin through the 23.6% Fibonacci support, the next key level to watch would be the December 13th low of $0.1514.

 If Dogecoin pushes through the December 13th low of $0.1514, then prices below $0.13 could be seen in the week.

On the other hand, if volumes drop, Dogecoin could trade between the 38.2% Fibonacci resistance at $0.2158, and the 23.6% Fibonacci support at $0.18324.

A glance at the technicals

Key resistance: 38.2% Fibonacci at $0.2158

Key support: 23.6% Fibonacci at $0.18324

Shiba Inu

Shiba Inu was bullish all through last week. By the end of the week, it was up by 28.34%.

Shiba Inu started last week in a bullish reversal after bears lost momentum towards the end of last week. However, volumes were low, and while Shiba Inu was in the green all through Monday, it did not record much in gains.

Buying volumes started to build up on Tuesday. Upside momentum accelerated on Wednesday. By Thursday, bulls were fully in control and with high volumes.

However, after four days of consistently high gains, Shiba Inu bulls lost momentum at the 61.8% Fibonacci resistance at $0.00003801. 

Bears attempted to take control on Friday but failed to negate all the gains made on Thursday.

This showed that Shiba Inu was still overall bullish, and energized bulls to take control on Saturday.

Volumes were low though, and Shiba Inu bulls could not push SHIB through the 61.8% Fibonacci resistance.

What followed was range-bound trading around the 61.8% Fibonacci resistance all through the weekend.

Shiba Inu has started the new week range-bound around the 61.8% Fibonacci resistance at $0.00003801.  At the time of going to press, Shiba Inu was yet to make a move in any direction.

SHIB/USD daily chart 122721

Source: TradingView

A glance at the week ahead

The key levels to watch are the 61.8% Fibonacci resistance at $0.00003801 and the 78.6% Fibonacci support at $0.00002438.

If bulls take control and push Shiba Inu through the 61.8% Fibonacci resistance at $0.00003801, the next key level to watch would be the 50.0% Fibonacci resistance at $0.00004767. If the 50.0% Fibonacci resistance is broken, then prices above $0.00005000 could be hit in the week. 

However, if the 78.6% Fibonacci support at $0.00002438 is broken, prices below $0.0000200 could be seen in the week. 

On the other hand, if volumes drop, Shiba Inu could trade between the 61.8% Fibonacci resistance at $0.00003801 and the 78.6% Fibonacci support at $0.00002438.

A glance at the technicals

Key resistance: 61.8% Fibonacci at $0.00003801

Key support: 78.6% Fibonacci at $0.00002438

Solana

Solana was bullish all through last week. By the end of the week, it was up by 12.84%.

Solana started last week bearish, a continuation of a correction that had started in the previous week.

However, by the end of the day, Monday, Solana had hit strong support at $168.98 on the 38.2% Fibonacci support.

Failure by bears to push through this resistance saw Solana rally quite strongly on Tuesday. By the end of the day, Solana had negated all the losses from Monday.

The bullish engulfing pattern that Solana formed on Tuesday bulls retain control for most of Tuesday.

However, towards the end of the day, Tuesday bears attempted to retake control. While bears made a strong showing, Solana still closed Tuesday trading above Monday’s high close.

Tuesday’s price action was an indicator that bulls were still in control. What followed was a bullish rally on Wednesday, one that saw Solana push through the previous week’s high of $189.14.

Bears attempted to retake control again on Thursday but failed, as bullish momentum was still prevalent. The result was a tie between bulls and bears by the end of the day.

Thursday’s price action further confirmed that Solana was overall bullish, and bulls retook control on Friday.

Upside momentum was quite strong and sustained all the way into the Christmas weekend.  By the end of the day, Sunday, Solana was close to testing the 23.6% Fibonacci at $203.89.

Solana has started the new week in a continuation of the weekend’s momentum. However, volumes were low and at the time of going to press, Solana was yet to make a move in any direction.

SOL/USD daily chart 122721

Source: TradingView

A glance at the week ahead

The key levels to watch are the 23.6% Fibonacci resistance at $203.89 and the 38.2% Fibonacci support at $168.98.

If bulls take control and push Solana through the 23.6% Fibonacci resistance, monthly resistance at $229.46 would come into play. If the monthly resistance is broken, Solana could push through $250 in the course of the week.

However, if the 38.2% Fibonacci support at $169.98 fails; the next key level to watch would be 50.0% Fibonacci support at $140.46. If the 50.0% Fibonacci support fails as well, prices below $130 could be seen within the week. 

On the other hand, if volumes drop, Solana could be range-bound between the 23.6% Fibonacci

resistance at $203.89 and the 38.2% Fibonacci support at $168.98.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $203.89

Key support: 38.2% Fibonacci at $168.98