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.

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Shaurya Malwa

Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.

Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.

He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.

Crypto analyst KrissPax has revealed that the Dogecoin price is mirroring a pattern from a previous bull run. Based on this, he raised the possibility of a price surge to $4 for the foremost meme coin. 

Dogecoin Price Mirroring 2017 Pattern As It Eyes Rally To $4

In an X post, KrissPax stated that the Dogecoin price continues to trade in a similar pattern to the 2017 bull cycle. He added that if the second large breakout of this cycle happens, DOGE could surge well over its current all-time high (ATH) of $0.73. His accompanying chart showed that the foremost meme coin could reach $4 when this price breakout occurs. 

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Crypto analyst Master Kenobi also recently mentioned that the Dogecoin price is mirroring a bullish pattern from the 2017 bull run. Like KrissPax, he also alluded to DOGE witnessing a second parabolic phase of its bull run, just like in 2017. However, he gave a more conservative prediction, predicting that DOGE could rally to $1.1 by June later this year. 

The Dogecoin price already looks set for the second phase of its bull run, seeing as the foremost meme coin looks bottomed. Crypto analysts like Trader Tardigrade also suggested that DOGE has bottomed, having dropped to as low as $0.14. Now, the foremost meme coin could be targeting new highs, especially with the Bitcoin price also in rebound mode. 

Crypto analyst Ali Martinez stated that the Dogecoin price is breaking out of a triangle, which can result in a 16% upswing. The target is a rally to $0.183, which could pave the way for a further rally to the psychological $0.2 price level. Dogecoin whales are also actively accumulating in anticipation of this price surge, as they bought over 120 million DOGE last week.

A Breakout Has Yet To Occur

While analyzing DOGE’s daily chart, Trader Tardigrade warned that the Dogecoin price hasn’t broken out just yet. His accompanying chart showed that the foremost meme coin needs to break above $0.185 to confirm the breakout. The analyst also noted that DOGE is struggling to break a descending trendline, as it continues to stay below this resistance after several attempts. 

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However, the analyst provided some positives for the Dogecoin price, stating that the RSI has shown a breakout, indicating that DOGE has gained significant momentum recently. He added that a strong uptrend could occur if this momentum continues to build. The accompanying chart showed that the meme coin could record a parabolic rally to as high as $0.5 if it breaks above $0.185.

At the time of writing, the Dogecoin price is trading at around $0.18, up over 4% in the last 24 hours, according to data from CoinMarketCap.

Featured image from iStock, chart from Tradingview.com