A closely followed crypto strategist is warning that top memecoin Dogecoin (DOGE) is at risk of heading to much lower levels amid the marketwide correction.
Pseudonymous analyst Cheds tells his 353,200 followers on the social media platform X that he thinks DOGE could witness a 33% corrective move if it loses a key support area.
“DOGE $0.11-$0.12 range incoming. Mark $0.16.”
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In a strategy session, Cheds explains why he thinks DOGE could tumble before potentially bottoming out.
“There’s no reason to get excited [about DOGE]. It’s a bad chart. It looks like [$0.11] is going to come and test lower. [DOGE has] a really strong descending supply trend.”
Source: Cheds/YouTube
At time of writing, DOGE is trading for $0.166.
Turning to Ethereum (ETH), the crypto
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