Here's Why One Trader Still Sees DOGE Path to $6.50

Dogecoin is nearing a critical support level after a sharp market breakdown that intensified bearish pressure across the broader trend. The meme coin has struggled to stabilize as sellers strengthened their grip, pushing its price toward levels not seen in days. Traders are now watching whether DOGE can form a base or if the decline continues into deeper corrective territory. Dogecoin Drops Toward Key Support as Momentum Weakens At the time of writing, Dogecoin was trading at $0.1327, suggesting a 11.28% decline in the last 24 hours. The asset lost 12.91% in seven days and 28.94% across the past 30 days. This showed fading bullish conviction as sellers accelerated the pullback. DOGE Price Chart, Source: CoinMarketCap On the weekly chart, Dogecoin traded below major Fibonacci retracement levels. The asset failed to hold above the 0.618 retracement around $0.20 before breaking the 0.786 level near $0.17. The 1.0 Fibonacci region around $0.19 now acts as the next liquidity zone as the trend shifts lower. DOGE 1-week price chart, Source: TradingView A close below $0.13 could open the path toward the 1.618 extension around $0.02, although a rebound at current support may offer an early stabilization signal if DOGE reclaims the $0.16 to $0.19 bands. The Relative Strength Index on the weekly timeframe stood at 37.72. This reading kept momentum below the neutral 50 line while trending downward. The RSI remained under its moving average and showed no bullish divergences, which are conditions often associated with extended corrective phases. Analysts Warn of Extended Correction but Highlight Cycle Setup Trader Tardigrade addressed the market breakdown after Dogecoin’s latest monthly candle closed below its long-term ascending support trendline. He described the move as a confirmed breakdown and said similar events occurred in earlier cycles. According to his chart, these breakdowns often marked structural shifts in DOGE’s long-range trajectory and preceded major upside phases. Source: X He also stated that the latest breakdown could trigger what he called a “massive Doge season.” His long-term target exceeded $6.5. A rally to $6.50 from $0.1376 would require a surge of about 4,624%, underscoring the scale of the move he outlined.