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.”

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.”

At time of writing, DOGE is trading for $0.166.

Turning to Ethereum (ETH), the crypto strategist believes that the native asset of the top smart contract protocol is headed toward its high time frame support at around $1,000.

“ETH now $1,840 from $3,400 below. Probably worth a sniff when it tags the $1,200-$1,300 range.”

At time of writing, ETH is worth $1,808.

Looking at the payments altcoin XRP, Cheds says that bulls have the upper hand as long as the coin is trading above $2. But he also says that holders should consider paring back risk if XRP moves below the key price level.

At time of writing, XRP is worth $2.12.

Follow us on X, Facebook and Telegram

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Surf The Daily Hodl Mix

Featured Image: Shutterstock/Ruslan__Grebeshkov/Viaire