Crypto market follower Cheds warns that Dogecoin
$
0.173617(DOGE) could see significant declines if it loses key support levels. He indicates that a correction of around 33% may occur in DOGE, reflecting the broader corrections affecting the cryptocurrency market.
Expectations for Ethereum and XRP
Cheds offers a negative assessment of Dogecoin’s current chart appearance, suggesting that if technical support levels break, the price could fall to the $0.11-$0.12 range. Accordingly, there is an expectation for a target price of $0.16 for DOGE.
Cheds: “DOGE is heading towards the $0.11-$0.12 range. The target is $0.16.”
The analyst supports the downward trend in the Dogecoin chart with data indicating a continuous decrease in supply. He emphasizes that the current situation should not excite investors.
Regarding Ethereum
$
1,885, Cheds notes that the native asset of the smart contract protocol is moving towards a long-term support level. He mentions that ETH’s price recently dropped from $3,400 to $1,840, advising careful monitoring of the $1,200-$1,300 range thereafter.
Cheds: “ETH can be assessed between $1,840 and $1,200-$1,300.”
In his comments on the payment-focused altcoin XRP, he states that as long as the price remains above $2, buyers remain active in the market. However, he warns that if it falls below fundamental levels, risks should be reevaluated. Currently, XRP is trading around $2.12.
Cheds’ assessments highlight potential impacts of widespread corrections in the crypto market on altcoins. The signals suggest that investors should closely monitor technical support levels.
The volatility in the crypto market necessitates that investors reassess their risk management strategies. These evaluations emphasize the importance of paying attention to specific technical levels as well as the overall market trend.
