Dogecoin’s Key Weekly Rejection : Bull Trap or Support Setup?**

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Dogecoin (DOGE), the popular meme-based cryptocurrency, is at a critical juncture on the weekly chart as it tests the **78.60% Fibonacci level**—a historically significant resistance point. Here’s a summary of what this means:

- Fibonacci Rejection : Dogecoin recently breached the 78.60% Fibonacci level but was quickly pushed back, suggesting a potential bull trap.

- Weekly Close Importance : If DOGE closes the week above this Fibonacci level, it could indicate further upside potential. However, a close below would confirm resistance at this level.

- Key Support Levels : In the event of a decline, two support levels to watch are the **200 Moving Average (MA)** and a **green trendline** that has provided support for over two years.

Advice :

Traders should closely monitor the weekly close. A close above the Fibonacci level might provide buying signals, while a close below could see DOGE retreating to its support levels.

Conclusion :

This week’s close will be decisive for Dogecoin. Until we see a clear outcome, it’s prudent to avoid making hasty decisions. Waiting for confirmation of either a breakout or a retreat to support levels will help manage risk in this volatile setup.