Cardano, Solana, Shiba Inu Price Analysis: 18 December

Cardano found strong support at $1.2, while Solana also saw demand at the $168-$170 area. However, if Bitcoin slides towards the $42k pocket over the next few days, most altcoins can expect to see heavy red. Shiba Inu also faced strong selling pressure.

Cardano [ADA]

Source: ADA/USDT on TradingView

ADA formed a descending triangle pattern on the hourly chart. The Fibonacci retracement levels appeared to be respected by the price, as these levels coincided with a series of lower highs in the past two weeks following the 4 December selloff.

An hourly or 4-hour session candle close outside the triangle pattern is necessary to determine ADA’s short-term trajectory. The OBV held tenuously on to support and showed buyers losing strength on each bounce, off the $1.2 level. This meant that a close beneath $1.2 is likely to see ADA seek $1.1 as support.

Solana [SOL]

Source: SOL/USDT on TradingView

Solana had strong demand in the $168 area. The green arrow shows price compression in this area, a deviation to the upside to draw liquidity, and a move south to $148 lows before recovery began.

The cyan area was cleanly broken through (white arrow), but the move failed to breach the $184 resistance and stalled at $189. As indicated by the RSI

Using the Fibonacci retracement tool for this low timeframe move, alongside liquidity pockets, $179 is the resistance to beat for bulls while losing $168 could see SOL revisit $150 quickly.

Shiba Inu [SHIB]

Source: SHIB/USDT on TradingView

Note: SHIB prices are written as ‘price x 1000’  to avoid too many decimal places.

The support and resistance lines plotted are high timeframe levels, and hence significant. SHIB lost the $0.0325 (price x 1000) level of support in the past 24 hours. 

The A/D indicator was in a steady decline, while the CMF indicator climbed toward +0.05 but did not show capital inflow into the markets. Overall, the SHIB/USDT market was dominated by sellers.