Dogecoin is dealing with one other bearish technical name after dealer Cheds Buying and selling (@BigCheds) posted a weekly DOGE/USD chart through X on Feb. 24 and stated the memecoin “appears headed for six cents .06 vary.” The setup issues as a result of the chart he shared reveals DOGE already buying and selling under a stack of key weekly pattern indicators, with the subsequent broadly seen help area decrease.
Is Dogecoin Heading To $0.06?
Cheds’ comment was temporary and direct: “DOGE appears headed for six cents .06 vary”. The TradingView chart is a 1-week DOGE/USD Coinbase chart. The chart’s indicator panel reveals DOGE buying and selling under all of the seen transferring averages cited on the screenshot.
The EMA 8 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 until 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 properly under the idea, in step with draw back stress on the weekly timeframe.
Cheds’ $0.06 goal would additionally indicate a transfer under the at present displayed decrease Bollinger Band stage of $0.07328, which frames the decision as a deeper continuation state of affairs fairly than a easy drift throughout the present volatility envelope. From the displayed shut of $0.09135, a transfer to $0.06 would signify roughly one other 34% draw back.
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The chart reveals continued low buying and selling quantity, with value persevering with to slip after failing to carry greater ranges seen earlier within the cycle. In sensible phrases, the chart Cheds shared helps an easy thesis: DOGE is under near-term and medium-term pattern references, and the burden of proof remains on buyers.
Until DOGE can reclaim a few of these weekly indicator ranges, beginning with the EMA 8 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 under the October 10 crash low at $0.095. The following help might 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
