In fact you should do BOTH! State the minimum required and state the recommended version. The latter should have been thoroughly tested.
Having a lowest supported and a recommended might have a lot of added value to a module. Say that the newest/hippest module adds a feature that can speed up you code by a factor 10, it is worth supporting that with a fallback to the old code if the newest feature is not available.
You META.yml might then have a section similar to:
Enjoy, Have FUN! H.Merijn