Market watchers are raising alarms over Dogecoin (DOGE), suggesting that a considerable drop in price may be on the horizon if it breaches crucial support levels. Analyst Cheds warns of a possible 33% correction for DOGE, reflecting broader downturns in the cryptocurrency market.
What Support Levels Are at Risk?
How Will This Affect Ethereum and XRP?
Cheds has expressed concerns regarding the current chart performance of Dogecoin, indicating that should key support levels fall, prices could plunge to the range of $0.11 to $0.12. He anticipates a target price of $0.16 for DOGE if certain conditions are met.
Cheds: “DOGE is heading towards the $0.11-$0.12 range. The target is $0.16.”
The analyst points to a steady decline in DOGE’s supply, reinforcing his negative outlook and advising investors to remain cautious. Additionally, he highlights Ethereum’s recent price drop from $3,400 to $1,840, emphasizing the need to monitor the $1,200 to $1,300 range closely.
Cheds: “ETH can be assessed between $1,840 and $1,200-$1,300.”
In discussing XRP, Cheds notes that as long as it trades above $2, buyer activity will persist. However, he cautions that falling below critical levels could necessitate a reevaluation of risks, with XRP currently priced around $2.12.
Cheds’ analysis reveals significant implications for altcoins due to potential market-wide corrections. It is crucial for traders to keep a vigilant eye on technical support levels in this unpredictable environment.
– Investors must:
– Closely monitor Dogecoin’s support levels.
– Be aware of Ethereum’s volatility and price targets.
– Reassess risk management strategies in light of market fluctuations.
With the crypto market’s inherent volatility, the need for sound risk management has never been more critical. Observing technical levels and overall market trends will be vital for making informed decisions moving forward.
