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

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.