Dogecoin is facing another bearish outlook after trader Cheds Trading (@BigCheds) posted a weekly DOGE/USD chart on X on February 24, suggesting the memecoin “looks headed for 6 cents (.06 range).” This analysis is significant because the chart shows DOGE already trading below several key weekly trend indicators, with the next clear support level even lower.
Is Dogecoin Heading to $0.06?
Cheds’ comment was brief: “DOGE looks headed for 6 cents .06 range.” The shared TradingView chart is a weekly DOGE/USD chart from Coinbase. It shows DOGE trading below all visible moving averages: the EMA 8 at $0.10823, the SMA 200 at $0.13578, the EMA 34 at $0.15734, and the SMA 50 at $0.17912. With the price at $0.09135, DOGE is below each of these levels, supporting the view that the weekly trend remains weak unless the price can recover above them.
The Bollinger Bands on the same chart provide further context. The BB 20 (2) values are listed at $0.13861 (basis), $0.20395 (upper band), and $0.07328 (lower band). This places DOGE closer to the lower band than the midline and well below the basis, indicating ongoing downward pressure on the weekly chart.
Cheds’ $0.06 target would mean falling below the current lower Bollinger Band level of $0.07328, suggesting a deeper decline rather than a simple fluctuation within the current range. From the displayed close of $0.09135, a drop to $0.06 would represent a further decline of roughly 34%.
The chart also shows continued low trading volume, with the price sliding after failing to sustain higher levels seen earlier in the cycle. In practical terms, the chart supports a straightforward view: DOGE is below both near-term and medium-term trend indicators, and the burden is on buyers to reverse the trend. Unless DOGE can reclaim some of those weekly levels, starting with the EMA 8 at $0.10823, the call for a drop toward $0.06 aligns with the current chart structure.
Notably, DOGE has already fallen below the October 10 crash low of $0.095. The next support may be around $0.08, a level tested three weeks ago and also marking the August 2024 low.
At the time of writing, DOGE is trading at $0.09142.
Frequently Asked Questions
Of course Here is a list of FAQs about the topic Analyst Warns Dogecoin Could Drop to 006 designed to cover questions from beginner to more advanced perspectives
Beginner General Questions
1 What does this headline even mean
It means a financial expert who studies market trends has predicted that the price of Dogecoin could fall significantly potentially reaching as low as 6 cents per coin from its current price
2 Should I panic and sell all my Dogecoin right now
No you should not make impulsive decisions based on a single prediction Analyst predictions are opinions not certainties Its important to do your own research understand your risk tolerance and never invest money you cant afford to lose
3 Why would Dogecoin drop that low
Analysts typically cite reasons like a broader market downturn a loss of investor interest high inflation affecting riskier investments or a change in sentiment from influential figures like Elon Musk
4 Is this analyst always right
No No analyst or expert can predict the future with 100 accuracy Markets are influenced by countless unpredictable factors This is one viewpoint among many
5 Where can I check Dogecoins current price
You can check on major cryptocurrency tracking websites and apps like CoinMarketCap CoinGecko or the exchange where you hold your coins
Intermediate Strategy Questions
6 What specific reasons did this analyst give for the 006 prediction
Common technical reasons include DOGE breaking below a key longterm support level declining trading volume or a bearish chart pattern Fundamental reasons could be a lack of new development or utility compared to other cryptocurrencies
7 What is a support level and why is it important
A support level is a price point where an asset has historically stopped falling and bounced back If it breaks decisively below a major support level analysts see it as a sign of further potential decline which could lead to predictions like 006
8 If I believe this prediction what can I do
You could