Dogecoin Price Warning: Analyst Predicts Major Drop if Support Fails

A prominent crypto analyst, known as Cheds, has issued a warning about Dogecoin's (DOGE) potential decline amid the ongoing market correction.

The strategist believes that DOGE could see a significant drop if it fails to hold a critical support level.

According to Cheds, Dogecoin might face a sharp correction of around 33%, pushing its price down to the $0.11-$0.12 range if it loses stability at $0.16.

He suggests that the current market structure doesn’t offer much optimism for DOGE, indicating that the memecoin could be heading for a lower bottom before finding solid ground.

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During a recent strategy discussion, Cheds emphasized that the chart looks unfavorable, highlighting a strong descending supply trend.

He pointed out that there is little reason to feel optimistic about Dogecoin’s performance in the near term, as the chart signals a potential move toward testing lower price levels.

At the time of writing, Dogecoin is trading at $0.172 after a 16% decline in the past 7 days.

Alexander Stefanov