Dogecoin is facing another bearish technical call after trader Cheds Trading (@BigCheds) posted a weekly DOGE/USD chart via X on Feb. 24 and said the memecoin “looks headed for 6 cents .06 range.” The setup matters because the chart he shared shows DOGE already trading below a stack of key weekly trend indicators, with the next widely visible support region lower.
Is Dogecoin Heading To $0.06?
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 price at $0.09135, DOGE is beneath each of those levels, which supports the analyst’s argument that the weekly structure remains weak unless price can reclaim them.
Cheds’ $0.06 target would also imply a move below the currently displayed lower Bollinger Band level of $0.07328, which frames the call as a deeper continuation scenario rather than a simple drift within the current volatility envelope. From the displayed close of $0.09135, a move to $0.06 would represent roughly another 34% downside.
At press time, DOGE traded at $0.09142.
