Dogecoin Has 'One Final Leg Up Left,' Says Analyst Amid 40% Slump But Investors Should Be Wary Of This Bearish Forecast
A widely followed cryptocurrency analyst expressed optimism on Monday that Dogecoin DOGE/USD would experience one "final leg up," potentially lifting the dog-themed meme coin closer to all-time highs. What happened: In an X post, Cas Abbé said Dogecoin's current market conditions resemble those of the first half of 2021, when the meme coin exploded to $0.70. "I think the next DOGE run will be fueled by Elon and D.O.G.E department hype," the analyst said, referring to the ambitious cost-cutting effort of Elon Musk that plays on the meme coin's popularity. $DOGE still has one final leg up leftThe current pattern feels similar to Q1-Q2 2021 when $DOGE pumped to $0.7I think the next DOGE run will be fueled by Elon and D.O.G.E department hype.What's your peak price target for $DOGE in 2025? pic.twitter.com/kJDLXkmBwU— Cas Abbé (@cas_abbe) February 24, 2025 Another well-known trader, Carl Moon, believed that Dogecoin could break out of the falling wedge pattern and potentially rise to $0.44 if it survived the ongoing slump. A falling wedge is a bullish pattern that suggests potential upward price movement and trend reversal. Away from the bullish narrative, influential cryptocurrency market commentator Ali Martinez noted Dogecoin's downward breakout of a symmetrical triangle pattern, placing a target at $0.197. See Also: Kanye West Deletes X Posts On Potential Meme Coin, Unfollows Changpeng Zhao — What’s He Upto? Why It Matters: These projections come amid a sharp drop in the cryptocurrency market, fueled by President Donald Trump's tariff threats and fears of potential liquidation of hacked funds from cryptocurrency exchange Bybit. Price Action: Dogecoin traded at $0.2115 as of this writing, down 8.50% in the last 24 hours and over 40% in a month, according to data from Benzinga Pro. Large DOGE transactions, valued at over $100,000, jumped 41% in the last 24 hours, according to IntoTheBlock, while supply held by long-term holders dipped 0.88%, suggesting that investors were cashing out. Image via Shutterstock Read Next: Advisors Remain Divided On Crypto, But SEC Approvals, Demand Are Shifting Views Market News and Data brought to you by Benzinga APIs© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.