Dogecoin is going through one other bearish technical name after dealer Cheds Buying and selling (@BigCheds) posted a weekly DOGE/USD chart by way of X on Feb. 24 and stated the memecoin “seems to be headed for six cents .06 vary.” The setup issues as a result of the chart he shared exhibits DOGE already buying and selling beneath a stack of key weekly development indicators, with the subsequent broadly seen help area decrease.
Is Dogecoin Heading To $0.06?
Cheds’ comment was transient and direct: “DOGE seems to be headed for six cents .06 vary”. The TradingView chart is a 1-week DOGE/USD Coinbase chart. The chart’s indicator panel exhibits DOGE buying and selling beneath all of the seen transferring averages cited on the screenshot.
The EMA eight is marked at $0.10823, the SMA 200 at $0.13578, the EMA 34 at $0.15734, and the SMA 50 at $0.17912. With value at $0.09135, DOGE is beneath every of these ranges, which helps the analyst’s argument that the weekly construction stays weak except value can reclaim them.
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The Bollinger Bands proven on the identical chart additionally present context. The screenshot lists BB 20 (2) values at $0.13861 (foundation), $0.20395 (higher band), and $0.07328 (decrease band). That locations DOGE nearer to the decrease band than the midline and nicely beneath the premise, in step with draw back strain on the weekly timeframe.
Cheds’ $0.06 goal would additionally indicate a transfer beneath the presently displayed decrease Bollinger Band degree of $0.07328, which frames the decision as a deeper continuation state of affairs relatively than a easy drift throughout the present volatility envelope. From the displayed shut of $0.09135, a transfer to $0.06 would symbolize roughly one other 34% draw back.
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The chart exhibits continued low buying and selling quantity, with value persevering with to slip after failing to carry increased ranges seen earlier within the cycle. In sensible phrases, the chart Cheds shared helps a simple thesis: DOGE is beneath near-term and medium-term development references, and the burden of proof remains on buyers.
Except DOGE can reclaim a few of these weekly indicator ranges, beginning with the EMA eight at 0.10823, the analyst’s name for a retest towards the $0.06 space stays aligned with the chart construction proven. Notably, DOGE has fallen beneath the October 10 crash low at $0.095. The subsequent help may very well be close to $0.08, a value DOGE visited already three weeks in the past. The worth additionally marked the August 2024 backside.
At press time, DOGE traded at $0.09142.
Featured picture created with DALL.E, chart from TradingView.com
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