Crypto Trader Warns of Potential 33% Dogecoin Drop, Unveils Downside Price Target for Ethereum

Top Crypto Strategist Warns of Potential Drop in Dogecoin Price

A well-known crypto strategist has issued a warning about the future of Dogecoin (DOGE), a popular memecoin, amidst a marketwide correction. The strategist, known as Cheds, believes that DOGE may be heading towards much lower price levels if it fails to hold a key support area.

Cheds, who has a significant following on social media platform X, told his followers that DOGE could see a 33% correction if it breaks below a critical support level. He specifically mentioned a price range of $0.11-$0.12, with a marker at $0.16.

In a recent strategy session, Cheds elaborated on his bearish outlook for DOGE, citing a “bad chart” and a strong descending supply trend. He emphasized the potential for DOGE to test lower levels, possibly reaching $0.11.

As of the latest update, DOGE is currently trading at $0.166.

Ethereum and XRP Analysis

Shifting focus to Ethereum (ETH), Cheds shared his perspective on the price movement of the leading smart contract platform’s native asset. He suggested that ETH could be on its way to testing high time frame support around $1,000.

Regarding XRP, a prominent payments altcoin, Cheds noted that bullish momentum remains intact as long as the coin stays above $2. However, he advised caution and risk management if XRP drops below this crucial level.

At present, ETH is valued at $1,808, while XRP is trading at $2.12.

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Featured Image: Shutterstock/Ruslan__Grebeshkov/Viaire