DOGE DOGECOIN Rejection and Support after
Hello, dear HODLers!
This is Dogecoin, the biggest memecoin, on the weekly chart. Notice the price rejection at the 78.60% Fibonacci level for the coin's entire history—this is a strong level. We had a few days above this level, but now it's moving below, which could indicate a bull trap. We should wait for the weekly close before drawing any conclusions.
If the weekly close is above this level, higher prices are likely. However, if the weekly close is below, in my opinion, there are two key support levels to watch: first, the 200 MA, and then the green trendline, which has held for over two years. Both of these support levels are significant.
Let's see how this week closes. Feel free to leave any comments or questions.
Thank you for reading, and stay safe!
This is Dogecoin, the biggest memecoin, on the weekly chart. Notice the price rejection at the 78.60% Fibonacci level for the coin's entire history—this is a strong level. We had a few days above this level, but now it's moving below, which could indicate a bull trap. We should wait for the weekly close before drawing any conclusions.
If the weekly close is above this level, higher prices are likely. However, if the weekly close is below, in my opinion, there are two key support levels to watch: first, the 200 MA, and then the green trendline, which has held for over two years. Both of these support levels are significant.
Let's see how this week closes. Feel free to leave any comments or questions.
Thank you for reading, and stay safe!
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